We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Joint Names on the Deeds/Single Mortgage
costingbunny_2
Posts: 305 Forumite
Hi
We are about 2 weeks from completion and just realised something major. I have the mortgage in my name (for 20%) and the rest is being paid in cash by me (30%) and my partner (50%). Apparently as it is my mortgage he cannot go on the deeds. I have rung the mortgage company to say we will both go on the mortgage as it's not a big deal but this will mean and whole new mortgage application!
Another option is a deed of trust but not sure of the cost?
A final option is to proceed as we are now with just me on the Deeds - the mortgage should be paid off quickly as I have a house of sale so can add him to the deeds once I have done this - our wills provide for the house to be split in the event of death etc.
Before everyone gasps at the issue of only me being on the deeds if we split up etc, this is a conversation we have had and a situation I had to address with a former relationship so no panic responses please regarding the legalities of the situation.
Any other advice gladly received.
Ta
We are about 2 weeks from completion and just realised something major. I have the mortgage in my name (for 20%) and the rest is being paid in cash by me (30%) and my partner (50%). Apparently as it is my mortgage he cannot go on the deeds. I have rung the mortgage company to say we will both go on the mortgage as it's not a big deal but this will mean and whole new mortgage application!
Another option is a deed of trust but not sure of the cost?
A final option is to proceed as we are now with just me on the Deeds - the mortgage should be paid off quickly as I have a house of sale so can add him to the deeds once I have done this - our wills provide for the house to be split in the event of death etc.
Before everyone gasps at the issue of only me being on the deeds if we split up etc, this is a conversation we have had and a situation I had to address with a former relationship so no panic responses please regarding the legalities of the situation.
Any other advice gladly received.
Ta
0
Comments
-
Sole purchase and sole mortgage, or joint purchase with joint mortgage. There are one or two lenders who will allow more borrowers than there are owners, but not the other way round.
Choose the easiest route for you.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
And either way you should ask your solicitor to sort you a declaration of trust.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards