Joint Mortgage with partner

AlexaV

Hey everyone!

I've got a question about joint mortgages...

My partner and I are planning to buy a house together, and he was thinking of buying a house based on his income, but to have me as a joint owner of the property as I will be donating half of the deposit.

Is that possible?

I look forward to your replies.

Regards

Alexa

kingstreet

Are you asking about a sole mortgage and joint ownership here?

AlexaV

Hi

Thanks for your reply.

Yes that's exactly right and any feedback will be much appreciated.

Thanks

Alexa

kingstreet

This is unlikely to be possible, due to the legal issues of trying to repossess a property partly owned by someone not party to the mortgage on it.

Someone told me some time ago that I was wrong, but I'm still waiting for the evidence.

AFAIK the owners and borrowers have to be the same, with the odd lender allowing more borrowers than owners, similar to a guarantor situation.

AlexaV

Hi,

The deeds will be on a joint ownership but the mortgage will be in my partners name.

Thanks for the advice and if anyone out there has experience with this then I'd love to hear from you all.

Alexa

MonkeyDr

I have a mortgage like this with HSBC - the reason the other person wasn't put on the mortgage was because they were older and so would hit the upper age limit before the end of the mortgage term.

As I remember, we each had to get a solicitor and sign some paperwork to say that we understood the implications (ie. that the property could be repossessed if I couldn't make the mortgage, irrespective of the other person).

We previously had a joint mortgage with the same lender, and this change was a bit of a faff but not too arduous to sort out. However, in my case my co-owner lived in another property. I don't know if that makes a difference.