What do I need to do re. mortgage?

[fatedtopretend]

My partner is looking to buy the house we currently rent. I am unable to go on the mortgage (bad credit due to mental health concerns with bank account previously).

We want to get something drawn up in case anything should happen with us/to him so I'm not left with nothing.

What do we need to do? I'm a total novice to things like this!

A deed of trust is a legal document that clarifies the share of ownership of a house. If two people purchase a property together, they can either buy as 'joint tenants' or 'tenants in common'. Joint tenants own equal shares of the property, but tenants in common can specify how much of the property each party owns.

Thank you, so even though I wouldn't be on the mortgage, I'd still be classed as a joint owner?

Yes it's possible but the mortgage company may not agree.

Thank you so much, we will look into it once we get the ball rolling.

Wouldn't it be the case of him drawing up a will? If you aren't mortgageable then you would have to sell the house anyway,but at least you would be entitled to whatever their will states. Dp could also get life insurance in case the worse happens.

Alternatively get married, then you are automatically entitled to each others estate upon death with no IHT or stamp duty to pay.

Buy the house in his name.
Then get married, and write a will.

We aren't marrying, we've been together 7 years and are very happy-just no marriage for us.
The will will be done, it's more if we (unlikely) split up. We both don't want me left with nothing.

Marriage is the easiest way to protect yourself. You don't need a wedding, just go to a registry office with some random witnesses and you will get protection in the event of death or divorce. Or civil partnership? Confurs the same rights but in a different format?

He is a definite no to marriage I'm afraid! His parents had a very messy divorce and still bad mouth each other 30 years later to him and his sister.

The mortgage company is unlikely to agree to joint ownership if you are not on the mortgage.

There are three ways you can protect yourself - get married, enter a civil partnership or see a solicitor and get a cohabitation agreement.

Will you be paying into the mortgage?

If marriage is off the table and if the mortgage company will not allow you to go on the deeds you have absolutely no protection in the event of a split.

If going on the deeds and marriage are off the table I would suggest that you don’t pay towards the mortgage but put your share into a high interest savings account / ISA as your security.

If there comes a time that your credit is restored etc you could then have the option to put that money into the house and go on the deeds as a tenant in common.

If marriage is off the table and if the mortgage company will not allow you to go on the deeds you have absolutely no protection in the event of a split

This is not true. There is no automatic protection, but OP can still get adequate protection through a cohabitation agreement.

Mortgage company won't agree to it. If your boyfriend defaults they want the whole house to be his for them to sell off to recoup losses. Easiest thing to do would be to marry.

Oh dear... I'll need to speak to dp won't I!