Adding partner to mortgage

1919

Hi, looking for some advice please. 

I live with my partner in his home which he owns. We are not married and have 1 child. 

 

I believe he has around 15 years left on his mortgage. His house needs a lot of work which he’s struggling to complete. 

He has another property which he rents out, but the tenant has been hit hard with covid and way behind with rent hence why he’s struggling to complete renovations in the home we live in. 

I have suggested looking at adding me to his mortgage.  I was thinking I could provide a lump sum which would help get some of the much needed work done in the house. He could protect his share and what he’s already paid?

He is reluctant to do this, but neither of us really knows how it would work. Can anyone shed some light? 

Thank you 

george4064

You need to speak to a solicitor, explain what you and your partner would like to do.

Based on what you've described you will be looking to be tenants in common, whereby a contract will be drawn up so that you and your partner will have unequal share in the property based on your contributions (or whatever split you both agree on).

IAMIAM

He’s reluctant as most people are in the 21st century. Divorce and separation figures are through the roof.

Add someone to a mortgage when in love and then find yourself homeless and starting all over again when honeymoon is over. 

Harsh reality.