For asking to be put on the mortgage?

[Isthismykarma]

Posting for friend.

Friend has been with her DP for 2 years, she moved into his place 1 year ago. Not married, no children. Before that friend lived at home with parents.

Her DP has a shared ownership owning 70% of the property and 30% owned by a housing association that rent is paid to. Her DP pays the mortgage and they split the rent and bills. Because of this friend has managed to save a chunk of money.

Her DP eventually wants to buy more shares of the property but has never mentioned my friend being a part of this. He saves a little every month but realistically wouldn’t be able to mortgage the whole property even if he did get enough of a deposit to (need 5% of the remaining value).

Friend was wondering if it’s cheeky to ask him if she could be put on his mortgage then she would happily put down the money for the deposit and they can jointly own the whole property - no more paying rent. They could speak to somebody who can help them ring fence her DPs current equity and her deposit and then pay the remaining mortgage 50/50.

YABU - this should be led by her DP and she will see grabby
YANBU - it makes sense

She wouldn’t be obliged to no, particularly not if they split up, but if they stayed together and decided to pool resources then they might well choose to merge resources. I think it’s good advice to build herself a nest egg - she can look at putting her savings into a high interest account to really maximise the value.

The house will automatically become half hers without going on the deeds/mortgage after being married for several years. Her main aim should be marriage especially if she wants children, otherwise she will be very vulnerable.

Save now, invest after marriage.

You can't "just put yourself" on a Mortgage. It's not up to the "owner", it's the lenders decision. You'd have to apply for a mortgage.(joint) and pass all checks and affordability criteria. You would than be liable for the mortgage.

It's a complex process, with MASSIVE liabilities for the Lender if they fail to carry out due diligence and follow all legal processes.

"Just put your name on" 🙄

Sorry if I said it really flippantly, I’m a mortgage adviser and they’d pass affordability and credit afaik but this was more about theoretically broaching the subject.

She’s decided to pause the idea until either he mentions it or they begin planning to marry.

Your "friend" is a CF. Why can't she buy her own bloody house?

Both her and her DP can’t afford to fully buy a house individually but would be able to if they went together.
Cheeky fucker I’d say is harsh as she all along saw pros and cons to both sides but now is towards the side that the risks outweigh the rewards for her DP so is shelving the idea for now.

I mean, I guess she could ask, but it might not be a great move for their relationship. I absolutely never in a million years would entertain the idea of buying a house with someone I’d only been in a relationship with for 2 years, living with for 1. They are still early days. Personally, I wouldn’t buy property with someone I wasn’t married to. It’s a big financial and legal commitment.

Unfortunately not, he’d need to be earning an additional 17k a year and cough up a few grand deposit too! It’s really difficult on your own nowadays but he’s done really well to get the 70%, it’s just still really difficult to staircase

She is, she’s saving the difference of what she’s paying so it’s quickly adding up!

Wow, apparently me and my husband were completely wrong. I got put on the mortgage after 2 years and not engaged but planned to get engaged. We pooled our money from early on and my salary basically paid to renovate the property. So I got put on when it was due for remortgage. He could have comfortably afforded the whole mortgage himself though as it was small only £60k or something so I guess that's different? We got engaged and married not long after and moved into a bigger home when I got pregnant.

She can ask. He is perfectly capable of saying no thankyou.

If he does, she should put her money in the highest interest homebuyers ISA she can find, and bide her time until she can afford to do something on her own, or until he feels happy to share.

2 years isn't very long to make that sort of commitment. I don't think you can just be 'put on the mortgage'. I think they'd have to apply for a joint mortgage?

Two years and asking to be put on the mortgage? I'd be running as far as my legs could take me (tbf not very far) if a partner proposed that.

Moved in after a year?!

Me and my partner did something similar after being together for 6 years, except my savings were enough to pay off his mortgage so we did that, and put my name on the deeds for the corresponding percentage (40% for me) of the property.

It protects me, and it made him mortgage free. There were no losers.

She was going to ask if she can put the savings into the house and begin to pay half the mortgage, not to continue pooling money away and also have a share in the property

About 2 years ago

If I were him it woukd be a 'no' 9n the basis proposed. Why dies she not offer to buy the 30% ... as tenants in common. He will save on rent and she will get her foot on tge property ladder.

I think this was how she intitially saw it, that they’d both be better off. She’d be on the ladder and he wouldn’t have rent to pay anymore and have smaller mortgage payments. But because he’d lose the house if they split up it’s a bit different which is why she’s ultimately decided to shelve the idea