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Tenancy in common question

Hi Everyone,
I'm buying a house and my partner of six years is helping me out by being a joint mortgagee.
The situation is I'm putting down 33% equity (my own money). I will pay the mortgage and all the other expenses. Basically we're just using his proof of income as a way to get the mortgage I need. He's staying in his rented place where he's quite happy and has been for the last 21 years.

Obviously we will go for Tenancy in common rather than joint tenancy, otherwise my kids might end up in a situation where if I die my partner would automatically inherit the house.

I'm wondering whether the mortgage company cares (or even knows) what the proportions on a tenancy in common are. We'd obviously like to go for something like 99%-1%. Whatever his share is I guess he'd need to make a will so that if he dies his share would go to me. We don't intend to marry. Probably sometime in the next 5-10 years once my kids are grown and gone I would downsize and we'd get a place together so that would be a different situation, but for the time being we need to do it this way.

Thanks for any help.

Comments

  • civicfee
    civicfee Posts: 19 Forumite
    Most lenders allow tenants in common with a declaration of trust subject to the mortgage being in the same names as the declaration of trust.

    Yours is and the split is irrelevant to the lender as the mortgage is joint and severally liable.

    Hope that helps
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Hope your partner realises that as he'll jointly own the property

    a) the mortgage lender can chase him for any arrears as well as you
    b) your finances will be linked. ALL future credit searches on either of you will include the other. ie if one has poor credit, CCJ etc, the other will strugle to get a credit card etc
    c) if he decides to buy a property in the future himself
    i) he'll struggle to get a mortgage (as he already has one
    ii) he'll have to pay the additional SDLT as it would be his 2nd property.
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