Can we have 2 names on the property deeds but 1 on the mortgage?

IloveElephants

Hi Everyone,

I have posted this on another threat to get different responses.

My girlfriend and I are looking for properties however my problem is I have a bad credit score due to having ccjs, now the damage is already done, we both want to buy a house together however if we do a joint application on the mortgage because of my bad credit score it will bring the overall interest rate high, So we are thinking if I put down a deposit of 20% in total from my own money. I put down half and my girlfriend matches my deposit, however my girlfriend will take out the mortgage in her own name as she has already been accepted for MIP as her credit score is better than mine. 

So while I put my deposit money equal to my girlfriend in the property will I be allowed to have my name on the property deeds to show I own part of the property aswell? In terms of mortgage I will pay my half as normal the only difference is I am not on the deeds of the property. 

We are not married and this would be my first property and my girlfriends second as she is selling her main property. 

Thank you everyone. 

kaMelo

Your problem here may be the bank with whom your girlfriend gets a mortgage. If you're not party to the mortgage but intend to live there together as your home then, as part of the mortgage offer many lenders will require you to sign a waiver basically declaring you have no interest in the property. That doesn't square with you wanting to put your name on the deeds.

The reason why they do this is worst case scenario. If things go pear shaped it makes repossession much easier as they only need to worry about the debtor. Trying to evict you, someone with whom they have no financial connection, would be hard without the waiver, with it you're not a problem for them.

ThisnotThat

You've been given an answer by an actual mortgage adviser ( https://forums.moneysavingexpert.com/discussion/comment/78411184/#Comment_78411184 ).  Why would you create a new thread for different answers from people who are (almost certainly) not mortgage advisers/brokers?

I can assure you that if you get a different answer, it is probably going to be the wrong one.

As I've told you before and will keep telling you, speak to a broker.  Fishing for the answer you want to hear from someone unqualified to give it isn't going to do you any favours.

kaMelo

Whilst I did preface my comment with "the problem may be" I certainly bow to the mortgage brokers advice as it's their job to know. Quite specific advice too.

ThisnotThat

kaMelo said:

Whilst I did preface my comment with "the problem may be" I certainly bow to the mortgage brokers advice as it's their job to know. Quite specific advice too.

Yes, quite.

The OP seems to be fishing for a certain response (and have done so multiple times) and I don't quite get why.  Being told what you want to hear is rarely helpful, unless it's also the truth.

sourcrates

IloveElephants said:

Hi Everyone,

I have posted this on another threat to get different responses.

Hi,

Please try and stick to one thread per subject, you should always post in the most appropriate section of the forum to your question.

Thanks.