Adding Someone To Your Mortgage

Adding someone to your mortgage

The process of adding someone to a mortgage is quite common. The most common scenario is adding a long-term partner. The actual process is actually pretty straight forward, it’s just the consequences of the process which I think most people should be most cautious about.

How to add someone to your mortgage

If you want to add someone to your mortgage you need to contact your mortgage lender to arrange it. Bear in mind that there will be costs involved. The costs could include arrangement fees, legal fees and possibly even additional stamp duty fees. Yeah, more tax…it never stops.

Married couples

It doesn’t really matter whose name the house is under when it concerns married couples. Both involved have rights to the property, so each individual would have a claim on the property irrespective of whose name or names appear on the deeds. So there’s no real need to add your partner on the mortgage if you’re married.

In the event of death of the deed holder, the property will automatically pass from one spouse to the other, and provided life cover was in place to repay the mortgage there would be no advantage to adding a partner to it.

Adding a partner

If you’re not married but you want to add your partners name onto the mortgage, by doing so the property will ensure you both get fair rights if the property is sold.

However, if you initially purchased the property (before meeting your partner) and have built up equity over the years, it’s wise to protect your investment in case of unforeseen circumstances.

Under a tenants in common arrangement each half of the couple own a defined share of the property agreed at the outset. If you have joint tenancy agreement you will jointly own the property in full. My advice would be to speak to a solicitor about arranging either of these arrangements.

Be careful before adding your partner to your mortgage

At the beginning of this article I mentioned that you should be cautious of adding someone to your mortgage. I know it’s a negative way of thinking but you should always ponder on the question, “What if shit happens?” You maybe in the best relationship of your life, but that doesn’t mean circumstances won’t change. Trust me, I’ve had a girl tell me she loves me one week, only to tell me I’m the scum of the earth the next. It happens. It’s life.

On that note, I would definitely arrange a tenants in common agreement if i’ve built up equity in a property by myself. Sure, my partner may get offended, but I’d feel a lot safer. If later on we split up, why should she taste the fruits of my labour? Not going to happen. I’ve seen loads of people take a big hit when it comes to separation and property. One person is always laughing to the bank, while the other is sitting there with his/her head buried in their hands wondering, “why the fuck didn’t I protect my assets”- it’s because you’re a S-U-C-K-E-R.

However, if your partner has put in an equal amount of investment, or is willing to do so, then adding him/her to get a 50% cut is perfectly fair.

Tenants in common- get what you deserve

If your partner will eventually invest 20% of the property’s value, while you’re investing 80%, then you can arrange it so you’ll get the same shares back if you decide to sell the property. Of course, the slicing of the pie can get a lot more complicated, but that’s just the general principle. As mentioned, you can define share of the property at the outset, which I think is the fairest way of doing it- you get back what you put in.

16 Comments - join the conversation...

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Lisa Middleton2010-09-03 17:39:16

some great advice on here but am looking for the answer to 'how do I swap my mum for my partner on my mortgage?' if you could answer that (and costs involved) that would be fantastic! Thanks, Lisa

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Jools2010-09-04 13:27:02

Hey Lisa - the best people to ask are your current mortgage providers as I very much doubt anyone here will be able to give you costs as it would appear that the mortgage lenders are able to make up their own figures as they go along!

They should also be able to give you details on how to do the swap if it is possible. You will also need to contact a solicitor to do the legal work involved - ie changing names at the land registry etc.

I think you question is a little too specific for this forum!

Hope this helps a little.

Cheers

Jools

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Joel Johnson2010-12-30 21:54:56

I Got June From NH Because it has feeling look like i'm picking up june =)

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brian taylor2011-03-08 11:22:03

me and my now ex girlfriend started buying our house a year ago and she met someone else .. now i want to move out and let her have it all with her new fella .. the mortagage is in both our names and i want mine off and she can put her new fella on and take over my part in all finance areas.. i dont want any money back id just be greatfull that it'll free up around £350 a month not having to pay my half of the mortagage .. who do i call or whats my next step? will the bank allow him to take my place on the mortagage straight swap??? kind regards Brian

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barbara buckley2011-03-21 14:38:48

we have moved out of our property because we could not keep up with the payments,however my son and his family had no were to live ,so they moved in and are paying the mortgage,we want to take our name off the deeds and for my sons name to be put on them,

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GDM2011-04-26 18:07:09

Currently in process of buying house with my partner, She bought house 2, almost 3 years ago and the estimate is that it has not gone up in value given the recent recession etc..
She borrowed money from a family member as a deposit with the view that it could be repayed as a lump sum "whenever the time was right".

I have calculated that I will pay her 1/2 the deposit money borrowed and around 1/2 of the equity gained in the house- which after initial fees only leaves me a few thousand £ excluding deposit. I think this is fair and in my view would eradicate the need for a - tennents in common agreement.

I will also pay any legal fees for my name to be added to mortgage.

Do you agree this is fair?

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Justine2011-05-17 20:26:47

I have a mortgage on a property and would like to add my partner onto the mortgage and title deeds as joint tenants. He has paid money into the house when we bought it, but couldn't go on the mortgage at the time as he had an existing mortgage. His property is now sold. Do we need to go through a solicitor to add him to the deeds?

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missy2011-09-01 12:17:39

Hi, iv been living with my partner for a while now and we are toying with the idea of having my.name added to the mortgage, only thing is i don't have a great credit ratings due to past issues. will this stop me being added onto the mortgage??

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veronica creevy2011-12-06 21:49:32

Me and my been living together for 6 years.I was in living in his house for 3 years,Then we decided to buy a house we both put money into it.But had to get a small morgage which is in my name as he is self employed.We want to put his name on the morgage as he has put over half the money in this house.how would we go about it.

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fabio lopez2012-05-03 16:26:22

hello I need advice

Me and my girlfriend have a one year old daughter. She wanted to buy a house so i went along with it. We saved up almost £21000 together (50/50) and because we needed more I used my £5000 saved up to complete the deposit. Because of my adverse credit history I gave all my money to my girlfriend and she managed to get the mortgage in her name. We did not tell the lender that I will be living there and contributing half of the monthly payments (£356) but now am scared that things may change in the future (relationship wise) and lose everything I have invested. Now I want my name on the mortgage, firstly because i gave half of the deposit and also used my only savings, and paying half of the monthly mortgage payments, WHAT CAN I DO please???

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Ishy2013-10-05 21:54:56

JustAnswer has -- "Hi I am buying buy to let houses with my two sisters and two" -- because it falls within my area of expertise. I just need a few more details about your situation and I will get to work!

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Ahmed2013-12-07 20:17:09

Is it possible, that can i put my wife's name into my property deed as 50% partner?
Please reply to my mail.
Thanks
Ahmed

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John2014-01-29 10:52:25

Adding someone to your mortgage gives both parts (you and the person whom you add) equal rights to the property and its value. In this case your mortgage company will ask you for financial records and information about the person you are adding. That is why you need to contact your mortgage company and tell them about your intentions. It’s not a good thing to add a person to your mortgage as like the article says it’s life and everything can happen, otherwise it’s rather expensive to add a person to your mortgage. You may need to pay a higher interest rate in order to add that person to your mortgage if he has poor credit or a history of foreclosure or bankruptcy. We should be very cautious.

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Julie2014-03-06 18:06:42

My aunt is 85 she bought a property 25 years ago with cash.. her partner (not a very trustworthy person) said he was going to pay half but never came up with any money so she said her name would be the only one going on the deeds. Now 25 years down the line after years of manipulation and bullying and paying nothing towards the property itself or up keep of the property he got her to name him on the deeds. Is there anyway his name can be removed without him knowing? As recently he has obtained loans on the house of upto £88,000.00 without her knowing as she now has mild Alzheimers.

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Add2014-03-06 19:51:45

Julie- sounds like a difficult position, unfortunately without her partner agreeing to have his name removed there is no other way.

The only other option is going through courts but it sounds like their is no defining moment to prove he manipulated and bullied his way into this house. Legally he owns 50% of the property and depending on any Willa potentially 100%.

Best seeking legal advice

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Julie2014-03-06 20:31:27

Thanks for your advice. Do you think it will make any difference that they had been living together at the property for over 20 years and he wasn't on the deeds, then after my aunt was diagnosed with Alzheimers in 2007 he left it 5 years until 2012, then all of a sudden he was on the deeds! Or is it going to be a case of we have to prove she had no real idea of what she was doing. The CID are involved as well as the Court of Protection because he and his family got her to sign Lasting Power of Attorney's to them, but nearly £150,000.00 has been transferred and as I said before loans taken off the property. The Court of Protection are now having the LPA's revoked. I just worry he is still on the deeds.

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