Joint tenants

dodman

My girlfriend and I want to buy a house as joint tenants. We're putting down a reasonable deposit and I plan on being the sole mortgage borrower on my salary. Our conveyancer says this won't be possible and if mine is the only name on the mortgage document I will have to buy the house in my sole name and draw up a trust document that specifies what part my girlfriend is entitled to. Is this correct advice?

herbiesjp

I think you'll find the conveyancer is correct.

dodman

Can my girlfriend be on the mortgage document without necessarily having to contribute to the repayments?

I'll find all this out soon enough as I apply for the mortgage but it's as well to know as much as possible in advance especially as my conveyancer is trying to set me up some interviews with her legal team to prepare a trust document that is sure to cost a lot but may be unnecessary.

herbiesjp

Your girlfriend can indeed be on the mortgage, but does not have to contribute to the mortgage - the payments can in effect come out of just your account if need be.

But the lender would need to be able to agree the mortgage based on either your sole or joint incomes.

Debt_Free_Chick

Just to confirm, you should put both names down on the mortgage application. Put yours down as the First Applicant. If your income is sufficient, then the lender will not need to take into account your g/f's income. However, I believe you will both be credit checked (as you will both be "borrowers"). Also, you will own the debt jointly & severally so if either one of you can't pay, then the other will be expected to.

HTH

dodman

Cheers for the replies. I was offline for a few days so couldn't check sooner.