Mortgage and adding partner

[Knowl3getr33]

Please could someone explain this to me fully, anyone who's maybe done this... Would love to hear from you!
I've recently bought a house as sole owner. I am wondering if it's a possibility to add partner to this down the line? Circumstances for now meant that we've remained living separately.
Has anyone done this at remortgage? How does it work in terms of matching deposits and being equals in the ownership if this was an initial purchase as only myself? Say for talking take that I have put down 10% deposit.

I thought you could add a partner at any time. My mortgage provider wouldn't add my partner as he didn't pass a credit check. And all I can say is thank god I didn't add him! We split 3 years later and it was far easier to kick him out. I'd think very long and hard about why you'd add a partner to your mortgage. I wouldn't do it unless I was married.

Bump

Well of course you can add a partner to the mortgage down the line, but that would also mean adding them to the ownership of the property. Do you want to co-own it? If so, he will need to pay you half of the difference between the market value and the mortgage at that point.

You can add a partner but you need to add them on the deeds too. Personally I would only consider being tenants in common and putting a trust deed in place to protect your equity. I did this with my ex and he still tried to take some of my equity but the trust deed held fast.

For God's sake don't do that. Your house is your security against sickness, old age you biggest investment.
My ex ran off with another woman after 20 years together I never thought we'd split but here we are. He tried to go for half my house. I would have been stuffed because I was 5 years off from retirement. Luckily the house was all in my name.
Putting someone on a mortgage you bought and paid for is wooly headed thinking. You come first, you and nobody else and any children you might have. He's contributed nothing. You would be giving away your security to someone with a great big bow on it.
Relationships are no longer safe. Half of them go tit's up.

I wouldn’t want to own a house with anyone I hadn’t lived with for several years already.

Absolutely not advisable to do this.
It is the sort of thing foolish women rush into and bitterly regret.
Like they have to prove their commitment by doing an act of potential financial stupidity.
Men very rarely do this.

Far better to buy another property several years from now together.
The silly person who does this always loaes out having alway invested more, costs, legal etc.
Relationships fall apart so easily.
Value your independence in having your home.
Don't be silly rushing to gift your independence....men certainly don't do this.

God no.

Men come and go. Your house is your security.

At an absolute push, when you are legally married and have ring fenced your contributions to date with an iron clad legal agreement.

But for a partner? Nope.

Far too many women heading to retirement without their own security, dependent on a man. Don't be one of them.

A solicitor will advise in making it all fair in terms of deposits etc.

But I would not advise it until you’ve lived together at least a year and there is some kind of large commitment such as engagement or marriage.

If your partner has their own place, they can keep that and rent it out without needing to be on your mortgage.

I disagree, you can buy as tenants in common, have equal or unequal % ownership. This protects each person's part ... marriage makes it 50/50 (ish) likely, where one person can lose out significantly in relation to their actual contribution (or indeed gain)

Could he pay in a similar or equal 'lump sum' at remortgage, or a value proportionate to the appreciated value over the next two years?

Thanks for your replies ladies, really appreciate it!

I'd recommend seeking legal advice. If the other party contributes to the household, such as making major renovations, they could claim a beneficial interest.
Although if you marry you'll both have a claim on the property.

Say your house was bought for 200k with a 10% deposit and 180k mortgage. After 2 years, it could be worth 250k but you'd have paid off some of the outstanding mortgage so might only owe 170k to the mortgage lender, so your equity would then be 10k reduced mortgage, 20k deposit + 50k increase in value = 80k or 32% of the total value. In order for the house to be owned equally by your partner at that point, he would need to have a deposit of 80k and the mortgage would be reduced to 90k split equally between you both. The alternative is to own the house as tenants in common in different ratios. This would be more complex to calculate.