Can a name be on a house but not its mortgage?

Bobilar

Hello all

When I met my now wife some years ago, I owned a small house. When we got married and began planning a family, I took a buy-to-let mortgage (in my name alone) on this house to raise a deposit for a new home (in both me and my wife’s name).

For the last few years my mother, who lives in another part of the UK, has been ‘renting’ the buy-to-let house (paying the mortgage interest) so that she could have her own place to stay when she came to visit.

My mother is now considering using a lump sum she has to pay half the mortgage on this house as the money saved in interest is greater than she can get from a savings account.

Understandably, however, she is concerned about what might happen to this house should my wife and I split (which is not on the cards).

Ideally, I would like to sign half of the house over to her, but she is a pensioner and does not want to get involved with the mortgage.

My question is, is there a way I can protect my mum’s investment in the house without her name being on the mortgage?

Thanks for any help or advice.

kingstreet

No. Parties to ownership and mortgage have to match, or there be more borrowers than owners.

She could take a charge over the property, which would see her recover her investment after the mortgage is repaid in the event of a sale.

Let_Us_See

Please clarify which "this" house you are referring! Does your mother seek to redeem half the mortgage on current residential home or BTL mortgage?

Either way it should be possible to register a charge to safeguard mother's investment.

Bobilar

Many thanks for the advice about the charge - I will investigate.

To clarify, my mother wants to put her money into the buy-to-let.

Let_Us_See

Fairly common action and easily arranged to safeguard mother's capital.