We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Tenancy in common question

Fran61
Posts: 5 Forumite
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.
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.
0
Comments
-
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 helps0 -
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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.5K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards