We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can you split a mortgage?
Options

mantis_2
Posts: 8 Forumite
I am a first time buyer looking to buy an house with my partner, we have been together less than a year. If we were to take a joint mortgage on and for some reason several years down the line we spilt, could we split the mortgage?
Smile and be happy, things can usually get worse!
0
Comments
-
Not easily I don't think. Two mortgages on a property would involve a first and second charge over it. The lender with the 2nd charge gets last bite at the cherry if you default so is at much greater risk of not getting their money back and will want a higher % interest rate for taking more risk.
In that scenario there would be other options like selling the property, paying off the mortgage and splitting any equity or one partner taking over the entire mortgage but that would require the lenders consent and the one taking on the mortgage having sufficient earnings.
A mortgage/home purchase is a big financial commitment so you should discuss what would happen if the relationship breaks down. There is no "common law" rights, as I understand it so it may be as well to get some sort of an agreement drawn up by the solicitor when you purchase - it may save a lot of heartache later.0 -
No sane lender would let you do that, I'm afraid. You are jointly and severely liable for the debt, so it's not in their interest to split it.Scott0
-
You can also only mortgage on a property that you own, so both names would be on the deeds, and I understand it can be a pain to get one person removed (or another person added if required).0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards