single mortgage boyfriend paying half

Audi said:
i am in a similar position as CLE but my partner is working full and has bad credit that’s why we decided on me just going for the mortgage, but like some answers posted i will be fully liable for the repayments even if he is paying half, can i just give him a small percent ownership of the house. Obviously we are not married yet and i want to cover my ass. Sounds terrible but you have to look after number 1
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While I agree one has to look after oneself it isn't a great basis for marriage. I'm of the old fashioned school that marriage is a partnership and for better or worse.

Why does your partner have bad credit and what age is he?
 
let me know Audi if you have any advice on how to share ownership if you are taking out a single mortgage! Thanks
 
Bronte - he is 36 and has had problems repaying a loan in the past, he was also only working part time up until 4 months ago, he has now been made permanent. i thought it would be better to go at it on my own, do you think we would be approved together?

Cle - as soon as i get some more info i will let you know
 
Audi said:
... can i just give him a small percent ownership of the house...
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You cannot give what isn't yours to give.

Assuming the bank approves you on your own for a mortgage, the bank and you are "partners" in the house (not technically true but bear with me). If you want to involve a third-party in the house ownership partnership you must dissolve the old partnership by paying off the mortgage to the bank and applying for a new mortgage with the new business partner as a member of the consortium. The bank may not agree to the new arrangement.
Audi said:
... Sounds terrible but you have to look after number 1
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Which is what the bank wants to do by evaluating any proposed changes in property ownership as a new mortgage application by the proposed new owners.
 
One further thing to consider is that if you are both on the mortgage you will get twice the mortgage interest relief (if you are paying enough interest).
 
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