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Cohabiting - does partner have to be on mortgage?
Neverending_Story
Posts: 31 Forumite
Quick question - I spoke to a building society earlier and I am not sure if there were some wires crossed somewhere.
I own my flat, my partner has moved in with me and we need more space. So, he has poor credit history and my salary is more than enough to cover the purchase price of the house. I want to buy the house and keep it in my name. H can pay for everything else as it works out about even. If he ever proposes that's a different matter...;-) I could afford it even if he wasn't about.
Anyway, The building society told me that if he is living here he has to be on the mortgage, whether he contributes to it or not. And they don't lend to poor credit. So no mortgage. I am confused... I don't want them to lend to him, it will be my house...
Should I try again and speak to a different advisor? Was she correct? Should I buy the house anyway and not tell them where he lives?
Constructive feedback please.
I own my flat, my partner has moved in with me and we need more space. So, he has poor credit history and my salary is more than enough to cover the purchase price of the house. I want to buy the house and keep it in my name. H can pay for everything else as it works out about even. If he ever proposes that's a different matter...;-) I could afford it even if he wasn't about.
Anyway, The building society told me that if he is living here he has to be on the mortgage, whether he contributes to it or not. And they don't lend to poor credit. So no mortgage. I am confused... I don't want them to lend to him, it will be my house...
Should I try again and speak to a different advisor? Was she correct? Should I buy the house anyway and not tell them where he lives?
Constructive feedback please.
0
Comments
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Neverending_Story wrote: »Quick question - I spoke to a building society earlier and I am not sure if there were some wires crossed somewhere.
I own my flat, my partner has moved in with me and we need more space. So, he has poor credit history and my salary is more than enough to cover the purchase price of the house. I want to buy the house and keep it in my name. H can pay for everything else as it works out about even. If he ever proposes that's a different matter...;-) I could afford it even if he wasn't about.
Anyway, The building society told me that if he is living here he has to be on the mortgage, whether he contributes to it or not. And they don't lend to poor credit. So no mortgage. I am confused... I don't want them to lend to him, it will be my house...
Should I try again and speak to a different advisor? Was she correct? Should I buy the house anyway and not tell them where he lives?
Constructive feedback please.
Definitely some crossed wires. Just don't mention him at all.0 -
Would lenders ever do something like check the electoral roll a while after completion?0
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Neverending_Story wrote: »H can pay for everything else as it works out about even.
This could mean that he would be building up a beneficial interest in the house even if he isn't on the deeds or mortgage.0 -
Well we have 2 babies so I don't think that matters. If we ever split I want to make sure we are clear that the house is mine. I was thinking about asking the solicitor to draw something up if we marry to avoid being stung in the future.0
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This could mean that he would be building up a beneficial interest in the house even if he isn't on the deeds or mortgage.Neverending_Story wrote: »Well we have 2 babies so I don't think that matters. If we ever split I want to make sure we are clear that the house is mine. I was thinking about asking the solicitor to draw something up if we marry to avoid being stung in the future.
Will you have the cash to buy him out - the longer you are together in the house, the greater the percentage he will be able to claim.0 -
He only needs to be on the mortgage as a borrower if he's also on the Land Registry entry as an owner - and vice-versa. They come as a pair.
Your lender may want you to register him as a resident, in case of repossession, but his poor credit shouldn't affect your application - you would just be assessed on your finances alone.0 -
Neverending_Story wrote: »I was thinking about asking the solicitor to draw something up if we marry to avoid being stung in the future.
Hang on, in your original post you stated his financial commitment would be equal. How is that fair?0 -
It's not really, but until he improves his credit and we move or remortgage I want to keep our finances as separate as possible.0
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Neverending_Story wrote: »It's not really, but until he improves his credit and we move or remortgage I want to keep our finances as separate as possible.
His credit rating should have no bearing on what he's entitled to should you split. Especially if he's contributing a significant sum.0
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