adding partner to mortgage

hugonellie

i have just completed a remortgage with nationwide (5 year fix) and wanted to know if anyone knows how much they will charge to get my partners name added to it? will it be a remortgage - as i assumed (maybe wrongly) that they could just add her name after i had completed for a fixed fee. the reason i ask is she has bad credit (mines rating is perfect) and constantly moves jobs with being a chef - i want to show her im committed to our relationship - shes also paying half the mortgage/bills so its only fair!

if it makes any difference i have a 70% ltv and the outstanding is approx x2 my year wage

holly_hobby

This would be a transfer of equity, legal fees circa £400 (depending on where you are in UK), plus a possible lenders admin fee.

To add your partner, they will obviously be subject to the lenders standard status checks - and any adverse credit history will also naturally be considered as part of their UW process.

Hope this helps

Holly

JimmyTheWig

Do you have any joint accounts at the moment? If so, you will already be financially linked. If not, this will financially link you. Which means you will be associated with her bad credit.

Have you considered marriage?

TrickyDicky101

Would you be intending to safeguard the 30% equity you currently have or would you want that split equally between you/your partner. This could influence whether you go for holding the property in a Joint Tenancy or as Tenants in Common.

hugonellie

she can have half of the equity, im good with that. marriage is on the horizon, but not now. we dont have any joint accounts - and are definitely not financially linked in any way

£400 seems excessive...might go back to her and see how much its actually bothering her...

thanks people

Senior_Paper_Monitor

Please note 'you will be financially linked' if you put her on the mortgage.

kingstreet

If you've just remortgaged, why didn't you consider making a joint application and doing the TofE at the same time?

It would have saved you a few quid.

Possibly a moot point.

If the adverse credit is that bad, you wouldn't have been successful then and you won't now. Same rules apply to adding a borrower as applying for a new mortgage.

hugonellie

simply because she wasnt in the country at the time - circumstances changed and now shes here living with me again.

it seems strange that i can comfortably afford the mortgage on my own (as shown by the remortgage) yet i cant add her name to the deeds even tho she is now according to nationwide shes bringing in even more cash to the household. she was already paying half of everything before i just want her to have something to 'show' for it

kingstreet

hugonellie wrote: »

it seems strange that i can comfortably afford the mortgage on my own (as shown by the remortgage) yet i cant add her name to the deeds

Affordability is just one aspect of a mortgage. An ability to show a record of good credit use is another.

You'll have to leave the transfer of equity until such times as her record improves.

JimmyTheWig

hugonellie wrote: »

simply because she wasnt in the country at the time - circumstances changed and now shes here living with me again.

it seems strange that i can comfortably afford the mortgage on my own (as shown by the remortgage) yet i cant add her name to the deeds even tho she is now according to nationwide shes bringing in even more cash to the household. she was already paying half of everything before i just want her to have something to 'show' for it

Consider the guy down the pub asking you to lend him the money for a drink.
Lets say he seems reasonable. You've seen him there a few times before. He's repaid other people in the past when he's borrowed money. You lend him the money.
Now consider the situation, same guy asking for money, but this time you know that his wife is rubbish at paying back money she owes. Are you still so happy to lend him money? I wouldn't be.

hugonellie

i totally see what your saying...i just thought we were both responsible for the debt then....which means they would still get anything owed from me, due to the fact i can clearly afford it and have a perfect record.

nevermind! back to the drawing board