Adding my name to my partners mortgage

KD25

Hi,

I have just sold my flat to move in with my partner.

We would like to add my name to his existing mortgage with the Halifax who he has been with for approx 10 years with an unblemished history. But we have been advised that we will need to provide proof of both our incomes again. This is the problem - My partner become self employed 12 months ago is now a Company Director of a Limited Company. He therefore can not provide the 3 years worth of accounts that they are asking for. They advised us that we can therefore can not add my name as he is more of a risk??? His earnings for the first 12 months exceed £100,000, more than he earned in employment & by adding me they can take into account a further £30,000. The balance outstanding on his mortgage is approx £170,000.
Please can you tell me if there is anything else that we are able to provide or if there are any alternatives?
Thank you : )

orangina

When you apply for a change to the mortgage they assess the lending on today's criteria. Although I can understand your frustration the reason is that alhough your partner has be very successful in his first year, (and long may that continue) a large propertion of small businesses go under within the first 3 years of trading, so once he gets past that timeline you will be fine.....

Annisele

You could try moving the mortgage to another lender, but if you're otherwise happy with Halifax you might feel that's a little drastic. And you're likely to have similar problems with other lenders, given your husband's short trading history.

Can I ask why you want to add your name to the mortgage? If it's because you and your husband want you to have some interest in the property, there might be other ways that can be achieved.

KD25

Orangina - Thank you for your post.
Is there anything else that we can provide them with instead of accounts. Eg Letters from some of his Clients with assurity of work in future months etc...

Anniselle - Thank you for your post also.
It is simply a case of us wanting me to have some rights / interest in the property? What are the other options we could consider.

You have both been very helpful - Thank you

orangina

Does he have contracts with them that have been renewed already and the companies will state they plan to renew them?

If its just rolling as and when work then the answer will be no, sorry, you will have to wait - some lenders will consider 2 years audited accounts and a years projection so you may only have to wait another year or so....

Annisele

I don't know a great deal about this so could be completely wrong, but I think that it might be possible to have some sort of deed of trust drawn up, to give you rights in the property.

It wouldn't work as against the bank (if your partner stops paying the mortgage, he can't say 'hang on, KD25 owns half of this house, so you can't repossess it').

If you don't have wills already, you should definitely make them - and if you get advice from a solicitor re the wills, you could also ask about your current ownership problem.

(Or you could just get married - and yes, I do know that that's neither a perfect solution nor a romantic one!).