Mortgage in my name, but want partner to have protection...

Ollie1987

I got a mortgage in my name only as partner has poor credit rating, we pay everything 50/50, including deposit. Is there anyway where i could get my partner on the deeds? Also do the mortgage company need to know about this? If she were put on the deeds would her poor credit rating effect things in the future? I.e financially linked. As i dont want this for obvious reasons. Sorry about long post.

Regards
Ollie

GMS

Did you declare your partner as having paid half of the deposit to the lender?

You could apply to have them added but if they were not able to be on initially due to poor credit then that is likely to be the case now.

The lender need to agree to it. You can't just add somebody to the deeds.

Why not make a will stating your intentions.

Ollie1987

The deposit was not technically hers or mine it was a gift from my parents but for both of us. So to keep things simple declared it as a gift. How would it work if i made a will?

Thanks
Ollie

loubel

If your partner is contributing to the property finances then it would be sensible to sort out a formal agreement for this. You can do this with a Declaration of Trust or a Cohabitation Agreement, depending on your arrangement. It would be sensible to also sort your Will at the same time so that you can sort out what happens to the house if you die.

Alternatively you could look to remortgage the property and transfer it into your joint names, but this will of course link you financially and as GMS says, her poor credit may prevent this.