Adding my partner to a Nationwide Mortgage

TrickyDicky101

Any future transfer of equity (to get the property and mortgage) in both names may also attract a further slice of SDLT if the property and mortgage are of sufficient size. Tread carefully!

antrobus

TrickyDicky101 wrote: »

Any future transfer of equity (to get the property and mortgage) in both names may also attract a further slice of SDLT if the property and mortgage are of sufficient size. Tread carefully!

See:

SDLT when transferring ownership of land or property
http://www.hmrc.gov.uk/sdlt/calculate/transfer-ownership.htm

particularly; Example two (SDLT payable even though no money changes hands)

uptomyeyeballs

Wow, this appears to be a bit of a minefield!

The entire deposit is already in my bank, so will come from me. We have been saving towards it, so there won't be a seperate lump sum from my partner, it will all be from a common source. I actually lent her more than the amount in question last year, so in effect, she's just been paying me back.

I won't be paying Stamp Duty on the purchase as it's well under the £125k limit, but if the limit doesn't rise soon, we'll have to keep an eye on it if we transfer equity later.

To clarify, my partner has her own house, with her own mortgage, which won't be sold before I buy the new one, so i'll be moving in initially and she'll join me later, with her son, when her own house is sold. We don't live together at the moment, so aren't really a "permanent" couple yet, but would like to be co-owners once we live together. Maybe i gave you all the wrong impression there, we have quite seperate financial lives and responsibilities at the moment. She isn't dependent on me in any way.

I'm just going to stick with a sole purchase, otherwise it seems we're going to have major difficulties if we try to think too far ahead. We'll cross the equity transfer bridge when we get to it. :-)

uptomyeyeballs

After what seemed like aeons going by whilst the new MMR regs kicked in, Nationwide approved my mortgage application on 16th May after 39 days. There were a few extra hoops to jump through, but I showed them everything they asked for and they have advanced me the amount I needed. Thanks to everyone who contributed to this thread, it was all useful information whilst the application process went on. :-)