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    • moneysaverexpect
    • By moneysaverexpect 16th Apr 19, 12:07 PM
    • 4Posts
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    moneysaverexpect
    Sole mortgage, but joint ownership
    • #1
    • 16th Apr 19, 12:07 PM
    Sole mortgage, but joint ownership 16th Apr 19 at 12:07 PM
    Is there a way to do this? I've had an offer accepted on a house, with my deposit of 62% and a mortgage of 22%. My partner will contribute the other 16% but doesn't want to be on the mortgage because she might want to buy a place herself soon.

    However we don't want her 16% to be a gift, we'd like it noted in a declaration of trust, so that in the unfortunate event of us splitting up, she gets back her contribution. She'll also contribute half of the mortgage payments and purchase and running costs; this also to be noted in the declaration of trust.

    Is it necessary to declare ourselves tenants in common? In which case will she have to be on the mortgage too?
Page 1
    • foxy-stoat
    • By foxy-stoat 16th Apr 19, 12:12 PM
    • 3,975 Posts
    • 2,310 Thanks
    foxy-stoat
    • #2
    • 16th Apr 19, 12:12 PM
    • #2
    • 16th Apr 19, 12:12 PM
    Doubtful your lender will allow sole mortgage with joint ownership - they will likely ask for a letter that states your partner has no financial interest in the property if you want to continue with a sole mortgage.

    If its just the saving of the additional stamp duty I think they will have to pay it, as you cannot have a finance interest in a property with a declaration of trust and lie to the lender.
    • kingstreet
    • By kingstreet 16th Apr 19, 2:10 PM
    • 34,981 Posts
    • 19,047 Thanks
    kingstreet
    • #3
    • 16th Apr 19, 2:10 PM
    • #3
    • 16th Apr 19, 2:10 PM
    Only HSBC allows more owners than borrowers.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • moneysaverexpect
    • By moneysaverexpect 16th Apr 19, 4:34 PM
    • 4 Posts
    • 0 Thanks
    moneysaverexpect
    • #4
    • 16th Apr 19, 4:34 PM
    • #4
    • 16th Apr 19, 4:34 PM
    Would the HSBC option be the indirect charge? Having a little trouble grasping how that works. Can someone explain in layman's terms? Thanks
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