Adding partner to mortgage advice

bm1296

Hello,

I would like some advice on adding a partner to your mortgage.

I have recently bought my first house on my own after my partner of 3 years chose not to buy with me but I wanted to get onto the property ladder. We are not married and don’t plan to currently and he does not live with me. He has since regretted his decision and is now actively saving.

My current plan is to stay in this house for about 5-7 years and then look to move somewhere bigger and more long term.

My partner has discussed about potentially joining my mortgage in the future. I would be happy to do this, however, I don’t want to lose out on a lot of the initial costs towards the house and house renovations that I have put towards it (solicitors fee’s, new bathroom, new doors & windows, furniture etc). I have been keeping track of a lot of the substantial purchases I have made. Obviously over the years there may be more and if my partner were to move in as a ‘lodger’ he wouldn’t make any payments to these future renovations.  

If any of you have added your partners to your mortgage:

Did your partner pay you for a share in your current equity?

Did you do it when you were due to remortgage/when fixed term ends?

Would it be better for me to sell and then buy together?

 

I understand a lot of people may think the money does not matter so much but I am still quite young and I would hate to lose out on money I have worked hard for if it didn’t work out in the future. 

Thanks

M444BYR

Hi,
I'm in a similar situation with my OH. Although, it's me who did not purchase the house with her because at the time I didn't have the cashflow for the deposit (as I was renting) and we'd only been together a short time. I did move in from the get-go and have been paying half of the mortgage and bills whilst also making improvements, completely renovating the back garden, new front fencing, decorating etc out of my own pocket. We're going through a re-mortgage at the moment where we will be joint owners but we have agreed that she will retain 60% equity and myself 40% of the property. This is because although I have put into the property quite a lot of money, this still doesn't quite match the deposit and other fees that my OH paid. On our next property it will be a 50/50 share. If you want to do this with your OH, then you can do this at remortgage for sure (like us). You'll need to inform your conveyancing solicitors that you wish to be tenants in common, whereby:

• you can own different shares of the property
• the property does not automatically go to the other owners if you die
• you can pass on your share of the property in your will
  

It's a lot to think about and I hope that my ramblings help somewhat. Good Luck!

bm1296

M444BYR said:

Hi,
I'm in a similar situation with my OH. Although, it's me who did not purchase the house with her because at the time I didn't have the cashflow for the deposit (as I was renting) and we'd only been together a short time. I did move in from the get-go and have been paying half of the mortgage and bills whilst also making improvements, completely renovating the back garden, new front fencing, decorating etc out of my own pocket. We're going through a re-mortgage at the moment where we will be joint owners but we have agreed that she will retain 60% equity and myself 40% of the property. This is because although I have put into the property quite a lot of money, this still doesn't quite match the deposit and other fees that my OH paid. On our next property it will be a 50/50 share. If you want to do this with your OH, then you can do this at remortgage for sure (like us). You'll need to inform your conveyancing solicitors that you wish to be tenants in common, whereby:

• you can own different shares of the property
• the property does not automatically go to the other owners if you die
• you can pass on your share of the property in your will
  

It's a lot to think about and I hope that my ramblings help somewhat. Good Luck!

thank you so much! yes it a lot to think about. Really appreciate you sharing your experience.