Adding new partner to mortgage /deeds

ragdollyana

Hi,

I bought my house in june 2016 and my current partner moved in 6 months later. My mortgage is up for renewal in June 2018 and im looking give my partner some ownership of the property to take into account the payments he has made to the mortgage and the increase in value that has come about from the work we have equally done on the property. Im looking for the best way to do this (and the cheapest). I can easily get a renewal of my mortgage with my current provider (keeping both the mortgage and deeds in my name) which would mean no additional costs and wondered what the pro and cons of doing this would be and if we could then just stipulate the property % share through a co-habitation agreement.
We would also like to set this up in the nest way so that we could explore the possibility of purchasing a 2nd home in the next 1-2 years. I earn approx 3x as much as my partner so im not sure whether if would be better to have him on the current mortgage which would free my credit for the 2nd property or whether there is a way for him to buy the 2nd house as a 'first time buyer' and I could support on the deposit to negate some of the stamp /tax implications.
Any advice would be most welcome thanks.

foxy-stoat

If your thinking about buying a second property then stay as you are and get your partner to buy the second property soley.

Write Wills which clearly state ownership and amounts etc.

ragdollyana

Thanks for that. I need advice on whether I could also legally give him a % share of my current property through a declaration of trust/co-habitation agreement without him being on the mortgage or deeds.

If he was to then buy a property solely, how would be get around the fact it wouldn't be his main residendence. Could he also give me a % share through a DOT if I contributed towards a deposit?