Can you add additional name to a joint mortage?

greendale9061

Good Morning,

Im a bit lost when it comes to mortgages. Would love a bit of advice.

3 years ago, me & my fiancee wanted to buy our first house together. We looked everywhere & couldn't really find anything suitable for us in our price bracket. So as a result my parents (mortgage free) said they would help us both to get a house. At the time I was the main wage earner @ 18k & my patner @ 16k = the max £100k we could get.

My mum said to me first to find a house and they will invest in it. I found the house of my dreams, at a pricey £160k. Basically I got a joint mortgage with my mum for £120k. As it was a new build we got 5% deposit paid & we(me & my partner) had £10k savings + my parents put in 22k.


So my dilema is that my partner is already signed into my mortgage but only as a tenent (even thought we share all the bills equally). He now wants to know if he can add his name onto the actual mortgage policy & own 1/3 of the property, or would it be best to re-mortage completely for a fresh joint mortgage?

As my parents have paid in a lump sum deposit & £100/month towards the mortgage, how can this name change be done without being messy & complicated?

I think my parents will be quite happy to wait until we eventually sell the house to get their return back.(hopefully the profit will be enough to cover)

Hope someone can shine some light into how to solve this matter? I tried to work it out last night, but my brain wouldn't function properly.

Thanks :-)

Welshlassie

I think you would need to go through a transfer of equity. We had to do this when we decided to release equity in my husbands house to use as a deposit on our new house, in order for him to get the mortgage required he needed my salary. Unfortunately I don't think there is a none messy/complicated way of doing it. You might also find it is better to wait until you get married as I think (not positive though) that this has implications. Go and have a chat with the mortgage company in principle, they should be able to advise you.

Kaz2904

I think that your partner can cheaply put a charge against your property so that if it sells he gets a % of the sale price. I know I've seen it on one of these boards but can't remember if it's the mortgage one or the debt free one. Sorry!
I do think that the maximum number of names allowed on a mortgage is 3 so you would only be able to have one parent and each of yourselves.

princess_jane_2

When I worked for Northern Rock you could add a name to the mortgage, but they had to be credited checked etc and there were fees for release of the deeds and having a name added - probs about £150+ and that was five years ago.

Indispensable_Hobbes

Unless the t+c of your current mortgage dont allow a transfer of equity you'd have to have a mortgage review and add someone to the new mortgage.

I doubt this applies so you'll prob need to apply for a transfer of equity as stated above.

No doubt there will be a fee (I work for NR and there is, i think its £175 but don't quote me on that one) and the person will be subject to checks to ensure they can afford the debt etc. In much the same way your mother can be removed from the account at some point if required.

You'd have to have a solicitor involved too as the title deeds would have to be amended to include your partners name. (I always get this one mixed up but am sure that if you're named on the mortgage you must be named on the title (you can have more names on the title than you have on the mortgage... if i have that the right way round ha-ha))

On a separate note I've seen an account with 4 names so the max of 3 is out the window

Give your company a call and ask them for some information on a transfer of equity.