Joint mortgage/moving house query

[3peicesuite]

Hi folks, new to the forum. I originally tried to post this to MSE but for I dont seem to be able to start a new thread. Anyways, I thought that the mumsnet community may be able to help or may have been in a similar situation before.

So myself and my partner have been together for 8 years now and are planning on moving home asap to a larger family home in prep for starting our own fam. At the moment, I own our current home and mortgage is solely in my name. My mortgage is fixed until 2022 and is with nationwide.

The houses that we have been looking at are affordable with solely my wage and I could easily secure a mortgage for them myself. But, partner wants to be on mortgage with me this time, has large savings to contribute but is between jobs atm. Is it possible to secure a joint mortgage with someone who does not work, so long as the income between us can cover costs? Also how would this work for porting my current mortgage. I am aware I can port my mortgage if I move house, but can i port it to a joint mortgage?

Any advice or similar experiences greatly appreciated.

tia

Your best option would be to talk to a mortgage broker.
If you aren't married (assuming as you said partner) and your deposit/equity is larger, then you should get something drawn up by a solicitor to protect your share.
Do you absolutely need to port - do you have a particularly good interest rate, or a large early repayment charge?

I have a mortgage broker/financial adviser (family friend) , but unfortunately i have constantly pestered him for advice recently and would prefer not to use him this time if possible. We have a financial agreement in place for our current arrangement, but of course we would have it modified to reflect any change in circumstances.

no, we are not married. the early repayment charge is around £1700 so not massive but id prefer not to have to pay it if possible. Have you heard of a mortgage provider allowing joint mortgage with one income?

Usually when porting a mortgage it has to be the exact same loan so highly unlikely to be able to get it converted into joint names.

It'll depend on the lender and I'm not sure on Nationwides rules but some will let you add someone on to a mortgage at the same time as porting it to a new property.

ah thank you, i wasn't sure on the process of porting. Never moved before ( still in first house). Ill just have to pay the damn early repayment charge.

Your partner doesn’t have to be on the mortgage in order to be on the deeds. Once you buy the house, you decide how you want the title listed on land registry- tenants in common/ joint tenants and you can decide what split of the property you each get.
Then when time comes to remortgage, do a joint application.

@Mactaylorssecretwife

It'll depend on the lender and I'm not sure on Nationwides rules but some will let you add someone on to a mortgage at the same time as porting it to a new property.

so it is possible - conflicting advise lol.

any thoughts on the one income joint mortgage?

@Gibble1

Your partner doesn’t have to be on the mortgage in order to be on the deeds. Once you buy the house, you decide how you want the title listed on land registry- tenants in common/ joint tenants and you can decide what split of the property you each get. Then when time comes to remortgage, do a joint application.

I have always thought that this was not possible and that the mortgages conditions were that any names on the title deeds must also be on the mortgage as the loan is secured against the house itself and therefore would be very difficult to repossess if someone has shares in the property but is not named on the mortgage

One income and joint mortgage is possible as long as all affordable on the income that is used.

thanks for all the helpful advice so far

Obviously this will be my second home, but technically my partners first. She has a Help to buy ISA that has maxed out. Will she still be entitled to use this or will I affect that as I'm not a first time buyer?

Dh and I got a joint mortgage when I was a student and not earning. Lots of SAHM are on mortgages!! Just make sure you have a deed of trust set up setting out who owns what percentage if he is putting in capital (you will need to be tenants in common)

I was able to port my mortgage and transfer it to joint names. We had to takeout an additional mortgage, with the same provider (Barclays), for the extra amount we needed to borrow. I can't help with the no income bit, sorry.

What's the interest rate on the mortgage? Definitely compare that before porting; if you get a better rate you may well save more than £1700 interest in 12-24 months.

Thanks for all the responses. I've bitten the bullet and gone with my old mortgage advisor again !

My husband and I got a mortgage based on his income. I had a self employed income but it wasn't needed for the value of the mortgage, so wasn't taken into account. I was named on the mortgage and classed as a 'homemaker'. Thus I was classed as having no income. 2016 with HSBC