Adding partner to mortgage as tenants in common

Tr1n1ty

New here so please be kind!

I bought our current house nearly 2 years ago in my sole name for £285k as I was divorced but he was still in the process. I have a 3 year fixed term mortgage which is due for renewal in the spring of 2025. We both earn 50-60k p.a. We have paid 50/50 bills/mortgage etc since the outset. We have three children between us who all live with us full time.

We are not married but he is very keen to get on the mortgage in order to improve his credit. Mine is excellent but his is not due to legal costs surrounding his divorce. My partner's mental health has deteriorated due to external influences beyond our control, and our relationship is not currently in the strongest position. I know that not having any assets (we are both 46) is of great concern to him. We are a family and I want to help, but equally I do not want to unnecessarily complicate our financial relationship.

Therefore, I was wondering if adding him to the mortgage or selling him a share in the property would be the best way forward? I would be happy to do this based on the value of the property at time of purchase as he has lived with me and contributed 50% since the outset. However, I did pay all the legal fees and stamp duty etc. and would want this to be reflected in our arrangement.

If so, I would appreciate advice on potential pitfalls and how best to proceed? Or if there are better alternatives?

Many thanks in advance.

EssexHebridean

The phrase "he is very keen to get on the mortgage in order to improve his credit" is an enormous red flag to me, regardless of the pros and cons of actually adding him on. Why is he actively planning to need to use credit, and why is he wanting to use your family home together to enable this? It  may well be that it is completely innocent, just a turn of phrase or whatever, but it certainly feels a bit uncomfortable to me, especially allowing that you say that the relationship is possibly suffering a few hiccups at the moment too.  

Have you checked with your lender to establish whether they would even be open to the idea of him being added on? 

lika_86

Do not do this. If your relationship is not the strongest anyway and he has poor credit, this is a terrible idea. Do not tie yourself legally or financially to this man.

Tr1n1ty

Thank you both. In our current financial situation he does not need additional credit, it is more that he has exhausted his assets and has accrued debt in legal fees. This was the cost of securing a lives with court order for his two children who were living in abusive circumstances with their mother. This lengthy process caused the deterioration in his mental health, and he was sectioned for a short period in May. I know that 'living in someone else's house' at 46 doesn't help how we feels about himself, but I am also wary about further tying myself to him financially. This is why I was wondering if the tenants in common route could be a possible way forward?

Many thanks

Hoenir

Perhaps a better route would be to give your partner some financial latitude to address the legal debt he has accrued. Help him find his feet and restore self esteem. Going to take time for the scars of the past to heal. 

lika_86

Tr1n1ty said:

Thank you both. In our current financial situation he does not need additional credit, it is more that he has exhausted his assets and has accrued debt in legal fees. This was the cost of securing a lives with court order for his two children who were living in abusive circumstances with their mother. This lengthy process caused the deterioration in his mental health, and he was sectioned for a short period in May. I know that 'living in someone else's house' at 46 doesn't help how we feels about himself, but I am also wary about further tying myself to him financially. This is why I was wondering if the tenants in common route could be a possible way forward?

Many thanks

Tenants in common means that you can both do with your share of the house as you wish (so you could leave it in your will to someone other than him for example, whereas with a joint tenancy the share of the deceased partner passes to the survivor automatically). Being tenants in common also allows for the possibility of a deed of trust being put in place that means you can specify who owns what percentage of the house.

Do not give away part of your assets in the hope of making this man feel better about himself. He clearly has deeper issues than living in a house you own and reducing your own position in the hope of helping him is not the answer.

By all means come up with a plan that allows him to co-own with you in the future, ie, he gets rid of any debt, gets his credit score back in a good place and builds up cash to buy it, then if you're in a good and stable place then sort out a deed of trust on either a remortgage or a new place, but he is not there yet.

Protect yourself first, always. 

Tr1n1ty

Thank you all so very much for this. After reading your comments I do agree - there have been periods of time where I have had to financial support us all and it would not help anyone if I reduced my position as you say. I will have a think about a plan moving forward but it will need to be when he is in a better place.

Thank you all so much for your help!

dimbo61

Wait !
You have a mortgage deal till spring 2025 so carry on as you are. 
Try and address the debts together 
See where you are in 15/18 months time when the remortgage is due.
For now try and enjoy living together  and sending time as a family. Using MSE website is a great place to start 

Neil49

I urge you to get legal advice as to whether his ex could have any claim on his part asset of the property at some point in time.

I don't have any legal knowledge and I could be writing total rubbish but it's something that came to mind. 

Hoenir

Neil49 said:

I urge you to get legal advice as to whether his ex could have any claim on his part asset of the property at some point in time.

I don't have any legal knowledge and I could be writing total rubbish but it's something that came to mind. 

Divorcing couples should always have a financial consent order drafted. Creates a clean break. No future claims.