Mortgage with partner, name on deeds

johnsm

My partner and I are looking to buy a property together for say 200k. I have a mortgage - balance 50k, +50k cash deposit, she has 100k cash. 

My current lender won’t allow me to take out a sole mortgage and have both our names on the deeds. Do other lenders do this and how do we find them? 

Understandably she doesn’t want to be named on a mortgage she isn’t responsible for or doesn’t require. 

Thanks in advance for any advice. 

J. 

Thrugelmir

johnsm said:

Understandably she doesn’t want to be named on a mortgage she isn’t responsible for or doesn’t require. 

That's of no consequence to the mortgage lender. They set the terms on which they'll do business. 

Slithery

johnsm said:

Do other lenders do this

No.       

johnsm

Thrugelmir said:

johnsm said:

Understandably she doesn’t want to be named on a mortgage she isn’t responsible for or doesn’t require. 

That's of no consequence to the mortgage lender. They set the terms on which they'll do business. 

I understand that. I was just wondering what alternatives there might be

Thrugelmir

johnsm said:

Thrugelmir said:

johnsm said:

Understandably she doesn’t want to be named on a mortgage she isn’t responsible for or doesn’t require. 

That's of no consequence to the mortgage lender. They set the terms on which they'll do business. 

I understand that. I was just wondering what alternatives there might be

Raise the money required between you by other means other than a mortgage. 

saajan_12

johnsm said:

My partner and I are looking to buy a property together for say 200k. I have a mortgage - balance 50k, +50k cash deposit, she has 100k cash. 

My current lender won’t allow me to take out a sole mortgage and have both our names on the deeds. Do other lenders do this and how do we find them? - no, there's lenders that will allow the other way ie more people on the mortgage than on the property, but not this way. 

Understandably she doesn’t want to be named on a mortgage she isn’t responsible for or doesn’t require. - well if you don't pay, all the lender can do is repossess the joint house, and they can't repossess / sell half a house.. so her share of assets are going to cover the mortgage anyway if it gets to that..

Thanks in advance for any advice. 

J. 

The lender needs to be able to repossess the house in the event the mortgage isn't paid. That means they need rights over the whole property, ie all owners. They can't repossess / sell half a house on the open market, so the whole house including gf's share will secure the mortgage anyway, regardless of who's name its in. 

What you can do is buy the house as 'Tenants in Common' and sign a deed of trust saying gf gets 50% of the proceeds, you get 50% less the mortgage balance whenever the property is sold / repossessed etc. 
[Would take a lot for the mortgage balance to exceed your 50% share, but if it did then in reality the lender would take their money and you'd owe the excess to gf]. 

K_S

johnsm said:

My partner and I are looking to buy a property together for say 200k. I have a mortgage - balance 50k, +50k cash deposit, she has 100k cash. 

My current lender won’t allow me to take out a sole mortgage and have both our names on the deeds. Do other lenders do this and how do we find them? 

Understandably she doesn’t want to be named on a mortgage she isn’t responsible for or doesn’t require. 

Thanks in advance for any advice. 

J. 

@johnsm As far as I am aware, your only options for this arrangement (joint owner sole borrower) are FirstDirect and HSBC (direct only, not through a broker).

Whether the criteria allows her to contribute to the deposit or not, I don't know as this isn't available through brokers.

Owleyes00

My dad did this with my brother through HSBC directly. It was a huge faff though so be prepared 🥰

Snookie12cat

K_S said:

johnsm said:

My partner and I are looking to buy a property together for say 200k. I have a mortgage - balance 50k, +50k cash deposit, she has 100k cash. 

My current lender won’t allow me to take out a sole mortgage and have both our names on the deeds. Do other lenders do this and how do we find them? 

Understandably she doesn’t want to be named on a mortgage she isn’t responsible for or doesn’t require. 

Thanks in advance for any advice. 

J. 

@johnsm As far as I am aware, your only options for this arrangement (joint owner sole borrower) are FirstDirect and HSBC (direct only, not through a broker).

Whether the criteria allows her to contribute to the deposit or not, I don't know as this isn't available through brokers.

I believe Hinckley and Rugby do this also.

user1977

johnsm said:

Understandably she doesn’t want to be named on a mortgage she isn’t responsible for or doesn’t require. 

Not all that understandable really. What does she think will happen if you stop making payments? Wouldn't she prefer to be on the account, and at least then have some control over what happens?

turnitround

Am I missing something?
You have a property with only 50k left on the mortgage so presumably this house is worth in excess of 100k?

You have 50k in cash and she has 100k in cash.

Why not use your 50k to pay off the existing mortgage then you should both have enough between you to be able to purchase the 200k property mortgage free.