Can my partner buy into my home?

natty24

Hi i own a house outright, which was a gift from my parents a couple of years ago. we have been looking to move home and get a mortgage and put the new property in joint names but there is nothing we like so instead thinking of staying where we are and having some work done to make it how we like the problem we have is we do not have spare funds and a loan secured on the house is very high payment. i was wondering if my husband could get a mortgage for a share of my property? which would relase the money to have the work done?

MWT

It would be a mortgage secured against the whole property of course and the lender would usually want you both named on the mortgage, but yes, your solicitor can sort out the deeds and any associated agreement you may want in place to record the equity split between the two of you if you will be 'tenants in common'.

getmore4less

Why not just borrow what you need to fund the work if planning to stay.

You could have a virtual debt from hubby for 1/2 the house and be joint owners  but as married that may not be worth anything.

elsien

You mention your husband. Unless you have taken steps to protect it when gifted, the longer you are married for the more like the to property is to be considered a marital asset in the event of you divorcing. So in effect he would have a half share anyway in due course.