Joint Mortgage One Name on Deeds

lovehols · 21 September 2017 at 9:37PM

Me and my wife want to buy a house together.We are a same sex couple that married last year in Iceland but are both still Miss and haven't changed our names.

We are living in my house which has less than 10k on the mortgage and am tied into this until next June 2018 on a ridiculous 5.99% but can't pay it off even though I have the money in the bank as there is a £7k penalty (June is when the fixed rate is up and when I can pay it off). The mortgage is in my name only and my house is for sale for £170k.

We want to apply for a new joint mortgage and buy a property around £320k and are keen to make an offer on a property and don't want to wait til mine sells as we have already lost two houses as one elderly buyer went into a home and one was struggling to come to terms with downsizing and pulled out - my house is a bungalow and elderly buyers are driving me insane!! Is it possible to apply for a joint mortgage but only put my wife's name on the deeds initially. When mine sells, I can then be formally added onto the deeds of the new property.

glosoli · 21 September 2017 at 9:45PM

Yes there are some lenders who offer joint mortgage with sole title, although not every lender. You should speak with a broker for guidance as to who accepts this.

ACG · 21 September 2017 at 10:08PM

I only know of 3 lenders who will do this. So options are slim.

Some solicitors will still argue you are liable for higher rate stamp duty - so check this beforehand...I am assuming that is your reason for wanting to avoid both names on the deeds?

Pixie5740 · 22 September 2017 at 9:45AM

Solicitors will argue the higher rate of SDLT will be due because it will be. The OP is in a civil partnership and the partnership currently owns 1 property and will own 2 properties at the end of the transaction regardless of whose names are on the deeds or if the OP chooses to use the title "miss" or not.

Time2go · 22 September 2017 at 9:57AM

If at end once you have sold the other property you may get stamp duty back as in effect you have simply replaced your main residence

SDLT_Geek · 23 September 2017 at 5:47PM

I agree that whichever of OP and her civil partner buy the new property, the 3% surcharge to stamp duty land tax will be due if OP's house is still owned at that stage. But it should be recoverable when the sale goes through, so long as this is within three years of the purchase completing.