Tenants in common mortgage

CuriousJacko

Hi, I’ve been a long time ‘lurker’ in the forums but thoughtI should take the plunge and seek a little advice before embarking on a movewith my partner.

We are currently looking to buy a house for c£400k. My otherhalf has sold her property and has cash for her half. I will be selling my flatand will contribute the same amount – half being equity and the other half transferredwith my current mortgage.

So far so good.

However I can foresee a couple of potential snags that maycomplicate things. My partner is keen to buy as tenants in common and she wouldprefer not to be named on the mortgage.

Before approaching my lender I wondered if others would bekind enough to share their knowledge/experience regarding the followingquestions

- Are lenders generally happy to transfermortgages from sole ownership to tenants in common?

- Similarly will I be able to remain alone on themortgage or will it have to be a joint mortgage?

Thanks in advance……

Wh05apk

As your partner is contributing to the property, she will almost certainly need to be named on the deeds/mortgage.

Subject to your lenders criteria, you should have no issues porting your mortgage into joint names.

kingstreet

Nope.

Mortgage will be joint and several, if the property is purchased jointly. One or two lenders will allow more borrowers on the mortgage than own the property, but not the other way round.

If you take out a joint mortgage, joint ownership can be JT or TIC as this does no affect the mortgage. That will remain joint and several - both borrowers are equally responsible for 100% of the debt.

Rate from sole mortgage can be ported to new joint mortgage in most cases. Check with lender.

ody1977

Sounds like she wants to have her cake and eat it.... A percentage of a house with no responsibility to pay for it.

CuriousJacko

Thanks all for your responses - kind of backs up my own thoughts.

One more question - my partner is slightly older than I am and the length of time left on my current mortgage will be past her retirement age - are lenders likely to accomodate this?

Oh and ody1977 - my partner will be contributing her half in the purchase of the house

kingstreet

CuriousJacko wrote: »

One more question - my partner is slightly older than I am and the length of time left on my current mortgage will be past her retirement age - are lenders likely to accomodate this?

Depends on lender and evidence of income in retirement.