Forum Home» Mortgages & Endowments

Adding my partner to a Nationwide Mortgage

New Post Advanced Search
We are currently experiencing a high volume of spam and have increased the sensitivity of our spam filters. This could mean that genuine posts may get caught. If you believe this has happened to one of your posts, please email the Forum team on [email protected] As always, we are really grateful for your patience whilst we get this sorted - which we'll do as soon as possible.
Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.

Adding my partner to a Nationwide Mortgage

edited 14 April 2014 at 12:55PM in Mortgages & Endowments
14 replies 6.2K views
uptomyeyeballsuptomyeyeballs Forumite
575 posts
edited 14 April 2014 at 12:55PM in Mortgages & Endowments
I've just applied for a mortgage from Nationwide to buy a property. The process is underway. Myself, my partner (we aren't married) and her son will live there (eventually). I applied in sole name for the mortgage because she has been self employed for less than 12 months and we thought it would be quicker and we'd have less hassle with it.

Anyhow, the solicitor has informed us that, because the mortgage is in my sole name, then ownership of the house will be as well. If I want my partner to benefit in the event of my death, i'll have to will it to her, otherwise it will go to my blood relatives. At the moment, we don't have wills. I also have a house rented out that will need covering, so I understand we need to do this pretty pronto.

Is it possible to get her name added to the deeds easily, or will we need to go through a whole new re-application, with her financial details included to be able to do that? We want to be joint owners of the property, but it seems to be a little more complicated than we'd hoped.
«1

Replies

  • CLAPTONCLAPTON Forumite
    41.9K posts
    speak to nationwide
    EU tariff on agricultual product 12.2%
    some dairy products 42.1% cloths 11.4%
    EU Clinical Trials Directive stops medical advances
  • kingstreetkingstreet Forumite
    36.5K posts
    Ninth Anniversary 10,000 Posts Photogenic I've helped Parliament
    ✭✭✭✭✭
    Effectively, it's a new application as she will have to be vetted like any other new borrower. Check the Nationwide affordability calculator to see if it still fits with a non-working applicant and a dependent as it may not be possible to have a joint mortgage that size until her income can be taken into account.

    You'd then need to buy in your sole name and do a transfer of equity into joint names at the time she can provide proof of income.

    Will and life cover written in trust for her benefit are the minima required in these circumstances.
    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.
  • edited 11 April 2014 at 2:20PM
    uptomyeyeballsuptomyeyeballs Forumite
    575 posts
    edited 11 April 2014 at 2:20PM
    I've talked to our mortgage advisor about it and she's going to talk to Nationwide. If my partner is involved in the application, it's going to affect affordability as she has personal loans related to her business, so may even result in the original mortgage offer/rates being withdrawn if we insist on her name being on the application, and possibly make the second mortgage unaffordable on 'borrowabilty' grounds (the very reason we did it this way in the first place). It'll also slow down the house purchase and be more expensive if we have to do it all again.

    Maybe better to just get those wills/trusts made and grit our teeth.
  • Wh05apkWh05apk Forumite
    2.9K posts
    Tenth Anniversary Combo Breaker
    ✭✭✭✭
    Sounds like another bodge by advisor/broker, if you are a "permanent" couple then it should be in joint names, just because your partner has just gone self employed will not matter as affordability should have included her as a dependent anyway, just put her down as houseperson with her income not used.
    I am a mortgage adviser.
    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.
  • Wh05apkWh05apk Forumite
    2.9K posts
    Tenth Anniversary Combo Breaker
    ✭✭✭✭
    Just seen your post just before mine, sounds like your "advisor" conveniently "forgot" to mention your partner as a dependent to boost affordability?


    Is she contributing to the deposit in anyway?
    I am a mortgage adviser.
    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.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • edited 14 April 2014 at 1:00PM
    uptomyeyeballsuptomyeyeballs Forumite
    575 posts
    edited 14 April 2014 at 1:00PM
    Wh05apk wrote: »
    Just seen your post just before mine, sounds like your "advisor" conveniently "forgot" to mention your partner as a dependent to boost affordability?


    Is she contributing to the deposit in anyway?

    We made the advisor aware of the fact that affordability was critical because both my let property (on consent to let) and the new one had to be fundable solely from my salary. Probably our fault, but seems like we'll just have to live with it. My partner will be contributing 37.5% to the deposit of £20k. She isn't dependent on me, she pays herself a healthy wage.

    Edit to allow the thread to be correctly interpreted : We don't live together at the moment either, she has her own house and mortgage.
  • Wh05apk wrote: »
    Sounds like another bodge by advisor/broker, if you are a "permanent" couple then it should be in joint names, just because your partner has just gone self employed will not matter as affordability should have included her as a dependent anyway, just put her down as houseperson with her income not used.

    We are already at valuation stage, so the mortgage application has already been made. I got a positive decision in principle based on my own salary, so went ahead with it. I anticipate I'll only have the mortgage for 5 years anyway, so maybe not too much of a problem. She'll just have to make sure she's nice to me until then :-)
  • edited 11 April 2014 at 5:20PM
    ThrugelmirThrugelmir Forumite
    75K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    edited 11 April 2014 at 5:20PM
    My partner will be contributing 37.5% to the deposit of £20k.

    This will be a major issue for any lender.

    If the mortgage is affordable in your name alone. Then your partner being added shouldn't be an issue.

    If your partner and her son are financially dependent upon you then this changing the picture.

    Walk carefully with the mortgage applications that you make.
    “Buy value, not market trends or the economic outlook. Individual stocks determine the market, not vica versa." - Sir John Templeton
  • Wh05apkWh05apk Forumite
    2.9K posts
    Tenth Anniversary Combo Breaker
    ✭✭✭✭
    We made the advisor aware of the fact that affordability was critical because both my let property (on consent to let) and the new one had to be fundable solely from my salary. Probably our fault, but seems like we'll just have to live with it. My partner will be contributing 37.5% to the deposit of £20k.



    You could have problems then, your solicitor will need to see confirmation of where the deposit is coming from, when they see your partner is contributing, they should report this back to the lender, who will not like it, as they will not allow a "gifted" deposit from someone who is occupying the property.


    Can I ask where your advisor is from? Nationwide/estate agent of independent?
    I am a mortgage adviser.
    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.
  • This has got trouble written all over it. Not only is the app incorrectly submitted but the deposit issue will make NW rethink the accepted us.

    If your at val stage now, expect done troublesome phone calls in a week or 2 unless you change the app.

    NWide's MMR rules could scupper thus mortgage.

    Having minimal self emp status doesn't mean the mortgage cant proceed. You need yo get them added
    now. Circumventing the SE issue will only bide time until the deposit issue arises.
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support