Does cohabiting partner HAVE to be on the mortgage?

Mojisola

Neverending_Story wrote: »

I want to buy the house and keep it in my name.

H can pay for everything else as it works out about even.

lauren_hb wrote: »

Can I ask, if the partner is intending to put cash towards the purchase, so contributing to the deposit, how exactly would these complications be dealt with?

This poor guy - you want him to gift you capital towards the deposit and pay the same as you of the ongoing costs but not have any ownership in the property?

always_sunny

I am in a similar situation and I was not asked that at all. Even though I brought it up during the application. I am buying under my name, I am the sole applicant, all money is coming from me. I can afford the mortgage repayment on my own.

I thought that, unless you're married in England, there's no common law? Even though we have been cohabiting for years and years we're just flatmates apparently!

Maybe depends on your legal status?

Thrugelmir

Debtslayer wrote: »

(Unless there's more information we don't know).

On internet forums never assume that it has.

lauren_hb

kingstreet wrote: »

Avoid lenders having an issue with that and the money would have to be treated as a gift for those who will accept.

Ah I see so there are lenders out there, would be the case of using a good mortgage broker then I take it?

lauren_hb

silvercar wrote: »

Partner gifts money to trusted relative; trusted relative gifts money to you; you pay deposit; trusted relative completes a form that says the money is a gift without reservation.

This did occur to me but I wondered whether lenders would question/are allowed to check for any large deposits that were made into the relatives account

Pixie5740

lauren_hb wrote: »

This did occur to me but I wondered whether lenders would question/are allowed to check for any large deposits that were made into the relatives account

Your solicitor who will most likely also be acting for the mortgage lender as well, will want to be able to satisfy themselves about the origins of the money to make sure they are complying with money laundering regulations.

Pixie5740

How poor is poor in terms of his credit history? If he is going to be contributing towards the deposit and the mortgage repayments (which he will be doing indirectly since he will "pay for everything else") wouldn't it be easier if you were both named on the mortgage from the start with a declaration of trust if you are contributing unequal amounts of deposit?

kingstreet

Be careful. Some lenders, Leeds BS and YBS Group for example, take affordability based on the number of people in the household.

If you will live with a partner not on the mortgage/deeds they will be treated as a dependent with £0 income, reducing the amount you can borrow.

Even if they work full time and have an income.

Sagz_2

When I moved to my new house with my partner, who pays nothing towards the mortgage or deposit, HSBC asked him to sign something that said he had no claim on the property and would move out if / when thay instructed.

always_sunny

Sagz wrote: »

When I moved to my new house with my partner, who pays nothing towards the mortgage or deposit, HSBC asked him to sign something that said he had no claim on the property and would move out if / when thay instructed.

What a bizarre rule!!! If a couple co-habits together, legally, do they become common law by default after a certain amount of time or not really?