Mortgaging our owned home

[Missmummy88]

Any downsides I should be aware of putting a mortgage on our owned home? Current value about £550000 - fully owned by me ( gift from parents) with a long term partner 13 years & 3 kids and very happy. We want to get a small mortgage to add a 4th bedroom and new kitchen & redesign downstairs. This will allow each child to have their own room & make the house more liveable ( currently layout is awkward with kitchen & living area opposite ends of house having to walk betweeen 3 rooms. We want to do this now rather than when kids are older (hence mortgage rather than Saving) we both have jobs and currently save my wage & spend dh (although I work part time so circa 13,000 a year saved)

Is there anything I should be aware of? Any precautions I should take?

I do admin for an independent mortgage broker, we are currently processing a purchase where there will be a joint mortgage but only one person will legally own the property. Not many lenders offer this, the one we are using is a high street name though. You and your partner need to get advice from an independent mortgage broker, you also need separate independent legal advice on the ramifications. First step, speak to an experienced, independent mortgage advisor.

I agree it would be madness for him to take out a loan or mortgage to improve someone else’s house.
I also agree the other way around posters would be telling Op how vulnerable she is and how she needed to ‘go on deeds’.
But he’s an adult. She’s under no obligation to point out it’s madness to spend money on something you don’t own or point out he’s potentially homeless if she leaves him/dies or tell him to get legal advice.

You can get a joint borrower sole proprietor mortgage where he is on the mortgage but not on the title deeds

Thanks for all input it’s been really helpful & has given us lots to think about which we hadn’t already!

To clarify (not that it’s relevant) this was the primary residence, it’s the house I grew up in and was owned by my parents for 30+ years. We had proper legal advice and all officially documented so no worries about tax, all above board!

So would your partner be happy to pay towards something he will have no rights to?

Can you borrow the money from your parents as building costs are very expensive at the moment?