Should I add my partner to my mortgage?

ukdsmith3

Hi, I recently purchased a new property only my own using the help to buy scheme.


My girlfriend is shortly going to be moving in with me, however she has a poor credit rating as she has recently been made bankrupt (over 5 years ago).


I am currently only a few months into a 2 year fixed rate mortgage.


My question is, should I contact my lender and try to add her to the mortgage, or will this prompt them to get me to re-mortgage including my partner?


I am happy for her to be added to the mortgage and would ideally add her to the deeds of the house as a tenant in common to protect the equity I already have in the property.


Any guidance would be greatly appreciated.


Thanks

David_White

With her credit history your existing lender may not allow her to be added.

Give the lenders customer service line a call and ask if hypothetically they'd allow an ex-bankrupt onto a mortgage.

Pixie5740

You can't just add someone to a mortgage. You would need to apply for a new joint mortgage which would mean paying any early repayment charges for your current mortgage. Having a joint mortgage, or any joint current accounts or loans will financially link both of you. You do not want to be financial linked to someone with a poor credit history and bankruptcy. You also can't add someone to the deeds who is not named on the mortgage.

Have you ever lived with your girlfriend before? If not then you're getting ahead of yourself. Live together and if it all works out nicely then look at applying for a joint mortgage when your 2 year fix comes to an end providing her credit history has significantly improved.

Goldiegirl

Actually, it is possible to add someone to a mortgage. It's called a Transfer of Equity.

You'd need to apply to the lender, and they would underwrite your partner, to see if she was an acceptable borrower.

If they accepted her, she would also have to be added to the deeds, as a joint owner of the property.

A solicitor would have to be instructed, so they'd charges fees, and the lender would charge a fee as well.

So it's possible to add someone, but whether it's a good idea in this case, is another question altogether!

chappers

Pixie5740 wrote: »

Have you ever lived with your girlfriend before? If not then you're getting ahead of yourself. Live together and if it all works out nicely then look at applying for a joint mortgage when your 2 year fix comes to an end providing her credit history has significantly improved.

Yes without being accusatory, what are your motives for doing this, her bad credit rating will impinge on your own credit rating once you are financially associated.