Buying a home with my Partner

Bangers754

My Partner and I are buying a house together. This will be funded with 50% from me in cash and 50% from my partner will be a mortgage and equity from the sale of her home. 

Figures wise the house we are buying is £400k, I will put £200k cash in and she will put in the same made up of £120k equity and the remaining £80k on her mortgage she will port across. 

My question is would I need to be added to her mortgage as I’m not borrowing any money to purchase the house?

TIA

Brie

I suspect the bank will want your name on the mortgage as you'll be having a good portion of the equity on the house.  Otherwise they might want you to say you are gifting her the money and have no legal interest in the house.  But I think only the bank and the solicitors you use will be able to tell you for sure.  

And I say solicitorS as it sounds like you both should be getting legal advice separately if you are not married(or civil partnership) as that can bring up certain legal tangles.  

ACG

You will have to go on the mortgage. 
The bank has no security otherwise. They have a charge on the house they cant reposess if payments are not made as you would not have agreed to their T&Cs. 

Bangers754

Thanks for the replies, yes we will both be getting legal advice and the required legalities in place to protect our investments. 

My concern was I’d be liable for half the mortgage should we part ways, obviously we are hoping that doesn’t happen but we need to cover any eventualities. 

Jemma01

If your name is on the mortgage you will be liable for it and the bank will come after both of you