Joint mortgage with both of us.

[Princessposie]

My very, very lovely boyfriend still had a mortgage with his ex-DP. We want to remortgage my house to have one together. He’d be in both mortgages. Mortgage advisor has said we could get the mortgage together in spite of other mortgage. I’m concerned that his ex-DP might default and that’s impact our mortgage. Am I worrying unnecessarily?

YABU - go ahead and buy a house together whilst he’s still on the other one.

YANBU - don’t get a mortgage together until he’s off the other one.

What do you think wise M’netters

@Princessposie

I’m not at all worried about him being on my mortgage and sharing the equity, I definitely trust him.

It has been a year.

Wow

For all that is holy do not do this! And if for some reason you still decided to do a joint mortgage at least protect the equity already in the house.

12 months you've known him less time than it takes to complete a levels....

I don’t think this is a real post..

But it’s an absolutely ridiculous idea. If DH and I were to split, I’d never financially involve myself with someone else ever. Whether that be through a house purchase or marriage. It’s an even worse idea if you have children.

My Mum did this, used all her equity to buy a place with her partner. If she would have stayed as she was she’d be mortgage free by now. Instead, he screwed her over, they split up and she has nothing in her 50’s.

@LuaDipa

Two ways to look at this.

1. You’ve only been together a year.

1. You’ve been together a whole year and he still hasn’t managed to effectively extricate himself financially from his ex.

Either way it’s a no from me.

100%

don't be blind. The facts he's even going along with this scares me.

Any genuine person with their own money and property would refuse

Do not do this.

Why would you want to give him your equity? Just why? Why would you want to just give him a big pot of your money?

If you want to get into owning a house with him at some point then

A. Wait til he’s extricated himself from his ex
B. Wait a lot longer than one year
C. Get him to put money into the property that’s equal to your equity or if not possible into joint savings for both of you.
D. Alternatively buy a different house together where you contribute the same, keeping your existing house as a rental house if you don’t need to sell it to raise your half (HALF, not more than) of the deposit.

Clearly everyone has already said this but please dont gift someone you've only know a year £45k. If you stay together for ever then his name being on the mortgage is neither here nor there, if you split it's only you that looses out.
Why do you think his ex might default? Has he told you she's "crazy" by any chance?

And if you ever do end up getting a joint mortgage- either on your current house or on a new one (because that might well be his next plan) make sure you get a solicitor to write up something to protect your equity.

Hahahaha are you fucking stupid!!!!??????

If she defaults it won’t effect your mortgage until you come to remortgage when his rating will be bad. So you may need to ‘buy his half back’ in order to remortgage

@Princessposie

Everyone else, yes, it’s mine but we want to properly join our lives up and I guess the house being joint will solidify that for us both

Imagine your friend saying that to you but replace the word property with baby. How would you react?

@LuaDipa

Two ways to look at this.

1. You’ve only been together a year.

1. You’ve been together a whole year and he still hasn’t managed to effectively extricate himself financially from his ex.

Either way it’s a no from me.

This. So much this.

This is such a bad idea, you can’t be for real? Is this your first relationship. A year is not a long enough time to get to know someone. I hope you heed the advice you’ve sought.

It sounds like you're effectively giving him half the equity of your home. There's trusting and believing and there's also being financially reckless. Why would you want to gift him money in this way?

@Princessposie Why on earth would you want I put your future security at risk by putting someone else on your mortgage. He may very well be a lovely boyfriend but he obviously isn't perfect as he has a failed serious relationship behind him.

Let him contribute 50/50 to the bills and the mortgage as he would be doing this anyway in the way of rent. Wait until he is off the previous mortgage, and ensure you protect your financial interest before even considering joining finances. If you break up you may (not sure on this) be forced to repay him his mortgage contribution which you won't if it's just rent.

@Pringlemonster
Get married first
No marriage
No morgage
Protect yourself

Actually, no. Don't get married if you are a woman with property because you give the marriage partner rights over your property. It's not in the OPs interest to marry.

Agree, don’t get married, protect your equity in your property.
Does he have any savings?

If you buy somewhere together, get you 90K ring fenced.
Also, you would have to pay a lot more stamp duty because he has another house.

@altiara

Agree, don’t get married, protect your equity in your property. Does he have any savings?

If you buy somewhere together, get you 90K ring fenced.
Also, you would have to pay a lot more stamp duty because he has another house.

I echo this too.

Mumsnet standard advice about getting married first is only applicable if you are the lower earner, it does not protect you if you are the higher earner and actually makes you more at risk in terms of having to give away pensions etc!

You could ask a solicitor about buying as tenants in common etc instead of joint so that you retain your 90k equity in the event of a split.

You need to look around you and get real....no one who has got divorced by someone who took their money etc thought on their wedding day, one day this man is going to shaft me for another woman.....no one. This isn't about trust, it is business and basic sense.

There’s already SDLT implications.

This would be a second home NOT replacing his main residence and therefore higher rate SDLT would apply to the value of half the mortgage loan.

I don’t think I would let somebody buy into my I use unless we were getting married, then I would like the deeds and mortgage to be joint, but I think this is premature.

To your actual questions though, he can get a second mortgage if he can afford it. If his ex DP defaults on the current mortgage then it won’t have any impact on your new joint mortgage (if you get one), but it would impact his credit record, not yours though.

The stamp duty implication in doing this before he is off the current mortgage could be significant. Stamp duty will be levied at the higher second property rate, on whatever consideration he gives you for buying a share of your house - so that would be any cash he pays you and the value of the mortgage he takes on.

So for example if your outstanding mortgage is currently £200k and he gives you £50k cash and takes over half of your mortgage, the second property rate stamp duty would be applied to £150k.

*into my house