Buying house solely in partners name

Jack1991

Okay, so I have a terrible credit rating due to past mistakes, my partner has a perfect one.. she is going to be qualified as a nurse soon and we should have the money for a 15% deposit.
our joint income will be around 50k+ Can she get a mortgage in her name only is it possible to add me on in the future? we have two kids and would love to get out of renting.
On a side note if I am contributing towards the mortgage/bills would this affect anything? and would I be entitled to anything if we broke up (Not married)
If not we will just have to wait 5-6 years for all my defaults to drop off.

Thanks

Pa_Ja

Your mortgage will be based only on her income and not yours.
I think you can be added to the deeds... A solicitor will be able to advise.

saajan_12

Jack1991 wrote: »

On a side note if I am contributing towards the mortgage/bills would this affect anything? and would I be entitled to anything if we broke up (Not married)

Please discuss both your expectations on equity splits if you do break up before getting started on any purchase:
- who paid the deposit?
- who paid down capital / mortgage payments
- what if one of you stops working?

Especially if you are contributing to the deposit and living in the property, the lender MAY be worried about your beneficial interest in the property. They MAY ask you to sign something saying the deposit is a gift / you have no claim on the property etc.

sparky130a

Jack1991 wrote: »

Okay, so I have a terrible credit rating due to past mistakes, my partner has a perfect one.. she is going to be qualified as a nurse soon and we should have the money for a 15% deposit.
our joint income will be around 50k+ Can she get a mortgage in her name only is it possible to add me on in the future? we have two kids and would love to get out of renting.
On a side note if I am contributing towards the mortgage/bills would this affect anything? and would I be entitled to anything if we broke up (Not married)
If not we will just have to wait 5-6 years for all my defaults to drop off.

Thanks

A broker. You need to see a broker.

booksurr

Jack1991 wrote: »

and would I be entitled to anything if we broke up (Not married)

discuss and agree with your girlfriend what will happen if you split then get that agreement documented in writing as a formal (ie legal) Cohabitation Agreement or alternatively a Deed/Declaration of Trust particularly as you have children. Such agreement will be the evidence of each person's "beneficial interest"- you could google many examples and DIY it or you could get your conveyancing solicitor to draft it at the same time as doing the purchase.

lots of online sites explain the position in much more detail than is worth repeating on a forum, google them, for example "cohabiting rights and property"

https://www.citizensadvice.org.uk/family/living-together-marriage-and-civil-partnership/living-together-and-marriage-legal-differences/

http://www.marilynstowe.co.uk/2010/10/01/the-law-on-cohabitation-and-property-who-owns-the-house-by-guest-blogger-paul-read/

http://www.independent.co.uk/money/spend-save/how-couples-can-protect-their-financial-interests-when-cohabiting-9672921.html

http://www.sheppersonssolicitors.com/unmarried-couples-rights.html

Cakeguts

Your joint income isn't really the issue here. How much does she earn? You will only get the mortgage based on how much she earns not on your joint income. Does she earn enough to get enough mortgage to buy a house? If she doesn't earn enough then you will need to work on your credit rating.

Pixie5740

sparky130a wrote: »

A broker. You need to see a broker.

Indeed. Not every mortgage lender will be ok with someone supplying some/all of the deposit, living in the property and not being named on the mortgage. Some of those mortgage lenders who will lend on that basis may well ask the OP to sign a document waiving any rights he may have to the property which means the OP would be entitled to diddly squat if the relationship goes down the pooper.

In answer to the OP, it might be possible for your partner to get a mortgage solely in her name based only on her income, this could result in you having no beneficial interest in the property, further down the line you could apply for a new joint mortgage.

Are you absolutely positive you cannot be named on the mortgage? Have you spoken with a mortgage broker to discuss all the options?

TBagpuss

You will need proper advice.

You will be able to add your name to the deeds at a later stage; this will need the consent of the mortgage lender at the ime you do is (or you could do it at the same time as remortgaging into joint names.

You would not have an automatic claim if you split up, so you would need to have a declaration of trust drawn up settting out that your partner holds the property on trust for you and her, and sets out what share you each have.

You will need to discuss with a mortgage broker how to manage you contributions, it's likely that you will need to sign paperwork acknowleging that the lender's rights take precedence over yours (in other words, that the mortgage gets repaid before you are entitled to any mony from the house)

A broker will also be ableto advise you whether there are any lenders which would offer you a joint mortgage taking into account your record. This may work out better than a mortgage in your partner's sole name, as that would be based on her income only,not joint income.

Jack1991

Thanks for the replies, My partner will be earning around 23k a year with no other debts so potential she could get a small mortgage on that salary.
Sounds like a broker is the best best, it sounds more hassle than its worth otherwise!