Partner buying into my house

Moptop1

I want my partner of 6 years to be able to become a joint mortgage holder on the house I bought in my name 2 years ago.

I bought in my own right for £160,000 with a deposit of £80,000.

My partner has never had a mortgage before and due to the twists and turns of his life (and the CSA- until recently) he has no saved capital but has a reasonably paid, secure job.

What is his best route to fund the £40,000 that he needs to give me to allow a 50/50 stake that will allow me to get his name put on a new joint mortgage?

Grateful for any pointers!

themull1

Why does he need to?

beecher2

I don't see why he needs to give you £40k to get on the mortgage. You don't have to have a 50/50 stake to allow him on the mortgage and can draw up an agreement to protect both your rights.

jonathanmiller

I cant see a way he can fund the £40,000 to give to you without you being joint and several on the new borrowings ie you will borrowing £40k extra to gift to yourself!

Moptop1

He already equally contributes to the monthly household bill account (which includes the Mortgage payment) so it would be nice for his name to be on a joint Mortgage. For future protection, I suppose.
Why does anyone want their name against a house??

themull1

You need to think of your future protection.

Moptop1

themull1 wrote: »

You need to think of your future protection.

Thankyou for your advice. I thought that if he paid half of the initial deposit that would protect me as I would then invest this money in my name.
Is there something I have not considered?

DVardysShadow

The basic idea is clear enough as to why you think you need to do it. But practically it is not far off being quite barmy. He will have to borrow the money at a certain rate of interest and you will deposit it somewhere and get quite a bit less interest. So the household bleeds interest on debt, despite being basically solvent.

I suggest that the way forward is for you to value the house now, and whatever equity you have in the house is yours - as a percentage. And you split the mortgage however you agree. The fraction of the mortgage outstanding which he pays for when taken as a percentage of the house value is his share and the rest is added to your share. The idea is that both of you put in money equivalent to the value of the property - in your case , some is outright owned by you - but both of you rent the rest of the money you need in the form of the mortgage.

CLAPTON

Moptop1 wrote: »

I want my partner of 6 years to be able to become a joint mortgage holder on the house I bought in my name 2 years ago.

I bought in my own right for £160,000 with a deposit of £80,000.

My partner has never had a mortgage before and due to the twists and turns of his life (and the CSA- until recently) he has no saved capital but has a reasonably paid, secure job.

What is his best route to fund the £40,000 that he needs to give me to allow a 50/50 stake that will allow me to get his name put on a new joint mortgage?

Grateful for any pointers!

there is no possible way he can raise 40k on your house

you could change the mortgage so it's a joint mortgage but you would get no money;
all that would happen is instead of being solely responsible for the mortgage you would have joint and several responsiblity for the mortgage
no benefit for you but half the house for him

madness