Adding
your partner to your mortgage
If you want to put your partner’s name
on your mortgage you need to contact your
mortgage lender to arrange this.
They
will be able to talk you through the costs involved.
These
could include additional stamp
duty payments, legal
fees and mortgage
lender’s charges for the “deed
of variation”.
However property owners should think very
carefully before adding a partner to their
mortgage, even if they are getting married.
By getting married the property will automatically
pass from one spouse to the other in the event of
death, and provided life cover was in place to repay
the mortgage there would be no advantage to adding
your partner to it.
In
the event of a split, as a married couple you both
have rights so would have a claim on the property
irrespective of whose name or names appear on the
deeds.
If
you are cohabiting adding both names
onto the property will ensure you both get fair rights
if the property is sold.
However
if you bought the property alone and it had built
up a certain amount of equity, it is a good idea to
protect your investment in case you later split up
with your partner.
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.
To
read more on this subject please see the list below
or your mortgage
guide or your home
buying guide
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