Written by: Danny Belton - Head of Lending
If you’ve chosen to get married later on in life, having got your first home on your own, you may be wondering 'can you add someone to a mortgage?'. Unsurprisingly, the process of doing this isn’t well-known to most homebuyers, but we’re here to help.
We’ve put together this article to fill you in about the process of adding someone onto your mortgage, including the legal processes, expenses, and other alternatives if adding your partner to your mortgage isn’t the right fit for you.
What should I do first?
The first step you should take is to talk to your mortgage adviser, they will be familiar with adding partners to mortgages. In the same way that you were required to, your partner will need to undergo credit and affordability checks to make sure that they can also keep up with repayments. Your current lender may charge you a fee for this service, and regardless of how well you currently keep up with repayments, they are under no obligation to add your partner if your partner doesn’t pass the checks.
If your lender does agree to add your partner onto your mortgage, you may need to hire a solicitor to provide valuable legal advice. Your solicitor can help you decide how to divide who owns what percentage of the house.
Although it’s not nice to think about, working out percentages of the house will prove useful should you split up in the future and need to sell the property. You might be charged a fee by the solicitor for their help, and so should take this into account when making your decision.
The two ways properties are normally shared:
Tenants in common
Tenants in common is where you and your partner decide on the percentage each of you will own of the house. It doesn’t have to be 50/50, but, in the event of death, the deceased’s portion of the house will pass onto a next of kin, which might not be you.
Joint tenants
Joint tenancy is a situation in which you both have equal ownership of the house and if one of you should pass away, that person’s shares will automatically pass onto you. Being joint tenants also makes it easier to sell the property in the future, as it eliminates the possibility of parties not agreeing to the sale.
What if my lender doesn’t want to add my partner to my mortgage?
It’s not the end of the world if your current lender won’t add your partner to your mortgage. In fact, it could even be a good thing. Just because one lender won’t agree, it doesn’t mean other lenders won’t. Speaking to multiple lenders may be useful when determining who is best to help you with what you need.
Adding your partner's name to your mortgage through remortgaging offers potential benefits like joint ownership and improved borrowing power. However, it's like a whole new application, with joint credit checks and potentially higher rates if their credit score is lower. Weigh the financial implications and legal considerations carefully before diving in.
What other options are out there?
If you’re not sold on the idea of you adding your partner or spouse to your mortgage, or it just doesn’t feel like the right move for the time being, there’s nothing stopping you from moving in together.
Another option you might consider is having your partner move in, but rather than adding them to the mortgage, it might be worthwhile asking them to contribute towards living expenses. This way, you will have extra money to cover the cost of bills, while leaving them no legal or monetary claims to your home should you break up.
Remember, the decision to move in with your significant other, and how you intend to do it, is largely down to your preferences, and what makes you feel the most comfortable. If you’ve got questions or need some advice on your situation, get in touch with one of our expert advisers today.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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