Should I be named on the mortgage?

househunter2019_2

Hypothetically, if I put down a 50% deposit on a house while my partner doesn't contribute to the deposit (though we split stamp duty, legal fees etc equally) should I be named on the mortgage?

We will have a declaration of trust to protect this deposit (the initial thought is that I will receive my 50% amount back in full and we split any losses/gains equally...ie if the house loses £20k value we each take a £10k hit and I recoup what is left of my initial deposit).

I ask as for a previous house we were going to buy I was going to contribute 50% towards the mortgage as well as my sizeable deposit. I am now considering whether my partner should pay the whole mortgage (he earns more than me and could comfortably afford to do so). I hadn't considered not paying the mortgage to be an option. My partner has said it is my choice.

We would split all other bills.

Any objective thoughts ie should I be named on the mortgage but we have a cohabitation agreement about how much I do/don't pay? Am I over thinking this?

Thanks for any advice.

LRmortgage

There is only one Lender that I am aware of that will allow one name on the mortgage but two names on the deeds.

So if you are contributing a large deposit and want your name on the deeds it is likely that you will need to be named on the mortgage unless you use the only lender that offers this kind of transaction.

foxy-stoat

I cant think of a reason why you wouldn't want to buy jointly if your putting in 50% of the house value in cash.

Tenants in Common with either equal shares and Trust Deed to protect your deposit amount or TIC with 25% - 75% in your favour , with an exit strategy if you were to split - IE you would buy him out or sell the property....As he would unlikely be able to buy you out and take over the mortgage on his own.