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To put partner on mortgage

(93 Posts)
Sunnyx Sun 08-Oct-17 19:44:15

I have been with my partner for nearly 8 years and we now have a ( month old together. He is a student and finishes uni next June. I have a house in my name and maybe have 20k equity. I have mainly supported him through his studies but when he starts working next year, expect him to pay for half.

My question is...i would like to put him on the mortgage or legally own the house with me when he pays half but how do I protect myself if anything goes wrong. I would like to make sure any ££ I have put in so far, payments and deposits etc. i will get back as it came out of my pocket.

prh47bridge Sun 08-Oct-17 20:00:50

Assuming you are not married, you get a declaration of trust drawn up which sets out how much of the house each of you own. You could, for example, state that the first £X of the equity is yours (i.e. the amount you have put in) and the remainder is split between you 50/50.

MrsBertBibby Sun 08-Oct-17 20:01:41

Don't do it! Why on earth would you give away your home to someone who has so far been supported by you.

Sunnyx Sun 08-Oct-17 20:10:42

I'm not giving away my home. We are in a long term relationship and I would like to make sure we both get back what we put in.

MyBrilliantDisguise Sun 08-Oct-17 20:12:29

Wait until he's working and see how much he's getting then. Don't do it now - you're not in an equal position. Personally I wouldn't do it unless I was married - you've worked hard to pay that mortgage and to own your own house.

Sunnyx Sun 08-Oct-17 20:15:35

A couple of you have mentioned marriage...what difference does that make? Will he be entitied to more if we're married?

prh47bridge Sun 08-Oct-17 20:27:14

If he is married and you subsequently divorce the house will go into the pot with all the other assets of the marriage to be split between you. In a short marriage the fact that you provided the deposit and have been paying the mortgage would be a significant factor in sorting out the split. In a long marriage your contribution may make little or no difference to the final split.

Also, if you are marry it won't make any difference whether or not he owns any of the house or is on the mortgage. It would still be an asset of the marriage.

xqwertyx Sun 08-Oct-17 20:27:19

Even if you protect yourself a judge can overrule any protection.

I have been in a position similar to yours, you dont know whats around the corner - please be so so careful if you decide to do it, id hate for anyone who built something for themselves to lose it like i did. Just be careful.

Sunnyx Sun 08-Oct-17 20:33:36

Does the fact that we have a baby make a difference...will the judge be in favour of the mother being the main caret etc. Therefore giving a larger proportion to me?

Sunnyx Sun 08-Oct-17 20:39:38

Sorry, another question...would it be more sensible to not put his name on the house and him pay half but he have something written up that I would owe him what he's paid in if we split.

scoobydooagain Sun 08-Oct-17 20:47:42

Why would he get all back if you split? If he wasn't living with you surely he would need to be pay rent.
My partner pays me money towards the bills , he is not on the mortgage/deeds and will not be. However we do not have children together, are similar earners and he gets a good deal £370 all in which includes food and toiletries and I get a good deal as I was able to cover all the costs before he moved in and the only bill, apart from food (which has not increased by that much )that has increased is council tax .

Sunnyx Sun 08-Oct-17 20:58:47

Scoobydoo If he was on the mortgage and we split, assuming he would get back what he paid in if we sold. I'm proposing a way around it such that I dont actually put him on the mortgage but he still gets his money back.

namechangealways Sun 08-Oct-17 21:05:26

Are you going to get married?

CamperVamp Sun 08-Oct-17 21:09:41

What prh47 said in his first post.

DP and I own our house as 'tenants in common' (different from 'joint tenants') and have a deed (covenant) drawn up, which says how much of the house I own and how much DP owns.

But then if you subsequently get married, the whole tenants in common thing is superseded by marriage, in which property becomes shared. With the provisos explained by prh47. And in a divorce the needs of the child/ren being housed would be paramount.

Talk to a solicitor.

CamperVamp Sun 08-Oct-17 21:10:29

prh47 is a solicitor.

MyBrilliantDisguise Sun 08-Oct-17 21:10:50

You are giving him free lodgings and you want to give him his rent back if you split? What would you like to happen if you split up because he was unfaithful to you? If you've signed a contract you'd be tied to that.

You're in both a strong position because you own your own house and a vulnerable position because of the baby. If I were you I wouldn't be talking about sharing money until your family's well established.

When he's earning he could buy a buy-to-let himself if he wanted to get onto the property ladder.

eurochick Sun 08-Oct-17 21:35:23

The poster who mentioned owning as tenants in common rather than joint tenants gave good advice. You can select your shares in whatever way you agree is fair - 80/20 or whatever.

Sunnyx Mon 09-Oct-17 06:49:52

Thanks for all your advice. When he's earning and paying half, I don't see it as him paying rent. I see it as him contributing to the mortgage.

Sunnyx Mon 09-Oct-17 06:53:09

To give him his money back i he has helped pay against the mortgage but not any interest.

Auspiciouspanda Mon 09-Oct-17 06:55:24

Well I think your crazy to give up your financial security but you don't just 'put someone on a mortgage' you'll have to re-mortgage in both your names so you'll both have to pass affordability checks.

CamperVamp Mon 09-Oct-17 07:08:18

The OP has been with her partner for 8 years, and they have a child, are a family. If he starts putting his money into the house, OP has more 'disposable'. To save, maybe. It wouldn't be unusual to buy a new house together, in both names, so to move to buying this house together doesn't seem such a big thing!

And while everyone is keen to advocate marriage, actually where a woman has her own asset, and income, marriage could actually weaken this.

As an unmarried co owner as Tenants in Common, with a Deed of Covenant stating what proportion of equity is owned, the OP can protect her share.

OP: though if he is set to become a higher earner than you and you are panning to become a SAHM you may want to think about verabiloty.

The threads by women wanting financial security because they are paying towards the costs of a partner's house without being on a mortgage for a house are always met by outrage. This is not different because the house is owned by a woman.

makemyminduptime Mon 09-Oct-17 07:19:47

Sounds like a fabulous deal for him. So if you split up, he's entitled to get back all the money he contributed on rent/your mortgage? Do you have that much money to be able to hand it to him? Or would you have to sell your house to release the money to pay him back? Because of course, depending on what you get for the house, that could eat into your equity and leave you worse off, while he has a nice sum to put towards a deposit for himself! And if you're not working full time or have childcare fees to think of, you'll not be able to get as big a mortgage again as you currently have. Not being married will leave you even more vulnerable financially.

Think about it carefully. I know that no one wants to think about the possibility of splitting up from a committed relationship but you owe it to yourself and your child to at least have thought about it and the potential consequences.

Toffeelatteplease Mon 09-Oct-17 07:20:08

Please listen to what countervamp and prh47bridge says.

Speaking as someone who lost her asset through marriage and divorce a declaration of trust protects your interest far more than marriage

fairyofallthings Mon 09-Oct-17 07:24:13

No! There is no way to make sure you don't have to lose what you put in which is guaranteed unless the house is in a trust- speak to an accountant and solicitor about this.

Also, if you get married he can claim a share of the house in certain circumstances even if it's in your name unless it is in a trust.

CamperVamp Mon 09-Oct-17 07:36:55

Fairy: are you aware that non marrieds can own as 'tenants in common '? In England and Wales? Each owns a legally defined proportion of the house. It isn't shared at all.

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