Remortgage to add partner query

raaaaa

Hi all,

I'd be very grateful for some general advice on my current remortgage situation:

Lived at family home for 15 years which is currently owned in my sole name - subject to mortgage and has equity of around £200k. My fiancée has lived here with me for 11 years (and has contributed financially during all of that period), and we now want to add her to mortgage as a bit of future-proofing (we have 3 kids - 2 are hers & 1 mine from our previous relationships). We will probably marry at some stage in the future, but this may be a few years away and so we want to do something now, especially as my re-mortgage period is due next month.

I have very minimal understanding of this area from a financial perspective, but am I right in thinking that to add her to the mortgage, we would have to amend the deeds of the house to show us both as joint owners? And am I also right in thinking that this wouldn't be straight-forward and would likely need some kind of formal transfer of equity agreement?

I realise that we will need to get proper legal advice on this in due course, but would really like to get a better general understanding of the issues that should be considered in this kind of scenario before doing anything more formal.

One of the other issues that I suspect we'll need to work out is the percentage share - unless we just opt for a straight-forward 50/50 split. But would be interested to hear if there are any others who've had this kind of situation, and what percentage splits are commonly agreed.

Thanks in advance!

foxy-stoat

Speak to your existing lender, likely you will need a new mortgage in joint names, if your in a fixed deal they may well waive the ERC but I would speak to them first. 

Research how you want to own the property, Tenants in Common with equal shares or Joint Tenants. 

If your married with kids it really should be 50/50.

amnblog

Splits are about what you feel comfortable with. Start will some legal advise and both writing a Will.