Adding partner to mortgage - but don't want equal ownership?

Kavanne

My boyfriend moved in with me earlier this year. My fixed rate mortgage is up in December and at this point we'd like to add him to the mortgage so we can borrow more (plenty of equity) to improve the house. The thing is, as there is plenty of equity, all of which is mine, can we still have a joint mortgage without him owning the property 50/50 with me?

I was thinking of drawing up an agreement whereby immediately he owns 10% and after 10 years we automatically become 50/50 owners, as by this time we will likely have kids and I may have stopped working to stay at home with them, which will mean whilst he didn't contribute the equity it will be him paying the lions share of the bills. Not sure if this is possible and is just an idea at the moment so would appreciate anyone with more experience's advice.

PBA

Yes, totally possible.

When you transfer ownership solicitors will be involved to deal with the legal side of it. So you just tell them what you want and they will draw up a deed of trust to arrange it.

DandelionPatrol

On adding your bf, go for ownership Tenants In Common at the %ages you require. when you are good and ready, change the ownership to Joint Tenants.

C_Mababejive

Why not sell then buy something else as equal partners? I wouldnt want to be a subjugated partner in this way. Why would I? What would be in it for me?

boliston

C_Mababejive wrote: »

Why not sell then buy something else as equal partners? I wouldnt want to be a subjugated partner in this way. Why would I? What would be in it for me?

Surely better to own less than 50% than none.

Kavanne

C_Mababejive wrote: »

Why not sell then buy something else as equal partners? I wouldnt want to be a subjugated partner in this way. Why would I? What would be in it for me?

Haha he is fine with the arrangement but I wanted to check if it was legally possible.

I did say to him that I'm fully aware he didn't choose this house and if he preferred we look for something else I would be up for that, but I guess I am just awesome at choosing houses and he really likes it here. He's setting himself up a man shed and we want to convert the garage to a bedroom with en suite which is why we need some extra ££££. 10% accurately reflects what he'd be putting into the house at this stage and it might well be that we increase the Ownership to half and half sooner than 10 years, especially if kids come along but I wanted to have a clause built in initially saying ownership goes to 50/50 at a specified point, just in case we can't be bothered to redo the paperwork.

Also if we sold this and bought something else I would still be contributing most of the equity unless I took my money out, in which case we wouldn't be able to buy something as big or in as nice a location as I have now...

Kavanne

DandelionPatrol wrote: »

On adding your bf, go for ownership Tenants In Common at the %ages you require. when you are good and ready, change the ownership to Joint Tenants.

Thanks dandelion patrol, that's sounds like what we want to do exactly.

DandelionPatrol

Kavanne wrote: »

it might well be that we increase the Ownership to half and half sooner than 10 years, especially if kids come along but I wanted to have a clause built in initially saying ownership goes to 50/50 at a specified point, just in case we can't be bothered to redo the paperwork.

That is not a very good idea. If you have such a clause, it effectively means that the ownership is 50-50 from the outset, because

• once you write it in, you can't reverse it without his say so
• if he is a bad'un at 6 months [and I trust your judgement that he is not], all he has to do is wait it out to get hold of 50% of the equity

If you go down that road, you would be better off making it 50% from the outset, because if he is a bad'un you will be able to get shot of him sooner

Kavanne

Ok thanks, I see!