Mortgage and Title Deeds

sushi1992_2

Hi all,
This question may have been asked already but I haven't found anything on this.
Me and the OH want to buy a house - I've sold a house that I was gifted to so I guess I wouldn't be classed as a first time buyer.
I was thinking, we have a large cash deposit but still need a small deposit.
The large deposit is on my name and the mortgage would be on my other half's name.
Is it possible to have the title deeds of the house on both of our names but have the mortgage solely on his name?

MovingForwards

Why are you not going on the mortgage?

sushi1992_2

Don't really like the idea of having a mortgage on my name. That's the main reason. I'm asking if it is possible or not. I'm chipping in the 300K+ deposit so just wondering. Thanks

davidmcn

It's possible, but it will cut down your options because lenders don't like this sort of complication. They prefer the owners and borrowers to be one and the same. Even if you're not personally liable for the loan, you'd have to sign the mortgage deed over your half of the property (and obviously, risk it being repossessed if your partner doesn't keep up the payments).

sushi1992_2

Thanks Davidmcn, that's fine, I just don't like the idea of a mortgage being on my name "per say". I don't want to have a 150K debt on my head tbh.... I'm sure there are a few lenders out there who wouldn't be too concerned with having the mortgage on one person's name? The mortgage amount is going to be 140K.

LRmortgage

There is only one lender in the UK that I’m aware of that normally allows this type of arrangement. It’s complex, and my understanding is that it’s not currently available because of the Covid-19 situation. Although this could have changed by now. 

You’d  be best to speak with a mortgage broker and your solicitor to see how best to protect yourself and your £300k as well as whether you can find a way to protect against this mortgage.