Getting mortgage to buy into partner's house - is this possible?

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acacia

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My partner owns a house outright, which was a gift from his parents a couple of years ago. We would like to have my name on the deeds, however, we know that adding me to the deeds would trigger a CAT liability. I am wondering if it would be possible for me to secure a mortgage to buy into the house - do banks allow this type of thing? I pay rent anyway, and a mortgage would be a similar sum. It would also give my partner some equity to spend on the house. Does anyone know if this is something that a bank would allow?
 
If your partner is happy enough to have your name on the deeds without you paying for it, then you should be happy enough to get married.

If you can't or don't want to get married, then you probably should not do this transaction.

If marriage is a possibility at all in the future, then you should wait until you get married to do it.

Brendan
 
Marriage is not an option. Again, does anyone know if banks will offer a mortgage for this type of thing...buying into a house?
 
No bank will give you a mortgage to buy into his house for the simple reason your name is not on the deeds. Your partner could apply for equity release humself but I am not sure if banks allow that sort of thing anymore due to the fact some people lost the run of themselves during the last boom, releasing equity in their homes to buy second homes, foreign properties etc.
 
Why pay away interest to a bank? Your partner could transfer 50% of the value of the property to you; the consideration could be a promissory note with a 0% interest rate. Your partner could then write-off €3,000 or thereabouts each year using the Small Gift Exemption. You could also make repayments if you so wish. The only tax-cost would be 1% stamp duty as he should get PPR Relief from CGT. You would want your Wills and Inheritance Tax position to be boxed off given that you are not married. A lawyer can opine on the joint tenants/tenants in common point which can be relevant for unmarried couples.
 
Banks do still allow equity release but it is a heavy process with a lot of proof needed that the funds are actually being used for renovations.

To the OP - you should just get married (and, if necessary, sort out previous marriages first). It seems legally simplest and cleanest.
 
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