House in whose name?

Phil_rich

Morning all,

Just a quick question, my partner and I have had an offer accepted on a house. I will be the sole mortgage applicant but can the house still go into both of our names? Or will it automatically go into mine? as we want it in both our names.

Thanks

Phil

BobProperty

I've got a feeling it has to match up, so you can only get a joint mortgage on a jointly owned property etc.

bobsa1

I think the same, joint name, joint mortgage, sole name sole mortgage

coraastbury

bobsa1 wrote:

I think the same, joint name, joint mortgage, sole name sole mortgage

Hi, we have got a joint mortgage but the deeds are in my husbands name.

Cara79

Hi

I believe that if you have the mortgage in your sole name, then the deeds/house will have to be in your sole name.

Basically the logic behind this is if you cannot meet mortgage payments etc and the mortgage co had to repossess the house, they couldn't do so if there was another name on the deeds.

The reason why Coraastubry has a joint mortgage but deeds in one name only is that the mortgage could still be redeemed.

So in effect, I believe the answer to your question is no.

Hope that makes sense - sorry!
x

suki1964

Urm, Im not on our mortgage cos hubby's earnings were enough to cover and my job history was just a tad flakey of late - but the house is in both our names. If anything happens to him the insurance will cover the repayments, if anything happens to me then he can still make payments

Debt_Free_Chick

I think it depends on the LTV.

Assuming the house is split 50:50 then if half the value of the house covers the mortgage, then that's not a problem

But if the borrower's share of the house is less than the mortgage, then the lender likely to turn you down.

The reason being that the security being put up for the mortgage can only be the value owned by the person taking out the mortgage.

Take a property valued at £200k and split 50:50 so each partner owns £100k.

If the mortgage was for £80k then this would be OK - as the security being offered (£100k) covers the mortgage.

But if the mortgage was £120k I don't think the lender will agree.

HTH

saver_sam

I believe though that you could have a matrimonial homes interest registered with the land registry.

Plasticman

I don't know anything about your circumstances, but unless you are in a 'well established' relationship then I would suggest leaving the property in your name only. If the worst happens and the relationship fails then it will make things much simpler. Sorry to sound the pessimist but I've seen it happen too many times!

Rimo2021

Plasticman wrote:

I don't know anything about your circumstances, but unless you are in a 'well established' relationship then I would suggest leaving the property in your name only. If the worst happens and the relationship fails then it will make things much simpler. Sorry to sound the pessimist but I've seen it happen too many times!

That's not very fair if Phil's partner is going to be contributing mortgage payments is it? I've seen it happen many times where someone moves in with a partner who had already bought a property, contributed equally for several years and got nothing when the relationship ended.. don't assume because Phil's income will be used to get the loan that he (or she) will be making the mortgage payments.

kit

My partner and I have just bought a house. I put down £30,000 in cash, he got the mortgage for £102,000. However the house has had to be in his sole name due to him holding the mortgage.
I offically dont own any of it although I put in the £30,000 and I pay half the mortgage