Can I buy half my partners house with a mortgage?

wgeorgina

I’m sure this may have been answered before but I can’t seem to find a straight answer...

My partner bought a house outright a year ago and I want to own half of it however I need a mortgage or some kind of loan to do so. Is this possible or is my only option to get on the property ladder a buy to let. 

Hope someone can help!

user1977

You can get a joint mortgage of the whole house. You can't mortgage half a house.

Snookie12cat

wgeorgina said:

I’m sure this may have been answered before but I can’t seem to find a straight answer...

My partner bought a house outright a year ago and I want to own half of it however I need a mortgage or some kind of loan to do so. Is this possible or is my only option to get on the property ladder a buy to let. 

Hope someone can help!

You will need to remortgage the entire house - he would then take half the money out and you can get a mortgage for the other half and pay it in full. He would need to be on the mortgage I believe though.

Does he really want to do this though? He will just have loads of money in the bank and the bank owning half the property again?

saajan_12

wgeorgina said:

I’m sure this may have been answered before but I can’t seem to find a straight answer...

My partner bought a house outright a year ago and I want to own half of it however I need a mortgage or some kind of loan to do so. Is this possible or is my only option to get on the property ladder a buy to let. 

Hope someone can help!

Outright as in with or without a mortgage? 
Any mortgage you get would have to be a joint mortgage over the whole house. Even if you agree (between you + partner) that you'll pay it in full, that doesn't obligate the lender to only chase you. 

If partner owns with no mortgage, then they'll receive 1/2 the property value in cash into their bank, earning very little interest. Are they happy with that and planning to invest it elsewhere?

If partner owns with a mortgage, then that'll need to be redeemed when the new joint mortgage is taken out. Are they happy with any resulting ERCs or change in rate?

sammyjammy

wgeorgina said:

I’m sure this may have been answered before but I can’t seem to find a straight answer...

My partner bought a house outright a year ago and I want to own half of it however I need a mortgage or some kind of loan to do so. Is this possible or is my only option to get on the property ladder a buy to let. 

Hope someone can help!

Unless you already own a property you'd be unlikely to get a Buy to let mortgage, its not something generally looked upon as a good idea unless you have plenty of knowledge or are willing to learn/do extensive research.  Its a big responsibility and you are running a business.

getmore4less

wgeorgina said:

I’m sure this may have been answered before but I can’t seem to find a straight answer...

My partner bought a house outright a year ago and I want to own half of it however I need a mortgage or some kind of loan to do so. Is this possible or is my only option to get on the property ladder a buy to let. 

Hope someone can help!

Start with the basics 

Does the partner want to sell 1/2 the house.

would they be prepared to be your lender.


You could(sure i saw one broker say the lender(s) stopped them) get sole borrower joint proprietor mortgages