Can you split a mortgage?

mantis_2

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?

Ian_W

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.

Scott

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.

Wyndham

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).