Mortgage in my name - house in both our names?

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becky_1979

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Im a First time buyer and My partner and I are buying a house, only it seems the mortgage will just be in my name, as my partner is not working long enough in his current job. We are wondering then does this mean because the mortgage is in my name only, that we can't get the deeds of the house in both of our names? Can we say to the solicitor to put the house in both of our names, or will this be a problem? Since we will both be paying the mortgage, its only fair that the house is in both our names. I'm confused!

Much Appreciate any advice, Thanks.
 
becky_1979 said:
Yes, and she didn't know how this would work (broker).
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Doesn't sound like much of a broker to me. This is Elementary Mortgages 101, as our US cousins would call it.

If the property is to be in both names, the mortgage must be also. All parties who are named on the proeprty deeds must also be on the mortgage.

It is sometimes possible to get two people on a mortgage with only one on the property deeds, but not vice versa.

If your income is sufficient to qualify you for the mortgage, your partner's lask of permanency in his current job won't be an issue. Incidentally, the length of time he is in the job is rarely an issue in itself, as long as he's permanent and not on probation.
 
Dave Vanian said:
Doesn't sound like much of a broker to me. This is Elementary Mortgages 101, as our US cousins would call it.

If the property is to be in both names, the mortgage must be also. All parties who are named on the proeprty deeds must also be on the mortgage.

It is sometimes possible to get two people on a mortgage with only one on the property deeds, but not vice versa.

If your income is sufficient to qualify you for the mortgage, your partner's lask of permanency in his current job won't be an issue. Incidentally, the length of time he is in the job is rarely an issue in itself, as long as he's permanent and not on probation.
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Thanks Dave, I guess that would make sense. I wish I did a bit more research on everything before I got into this. My partner apparently hasn't been in his current job long enough, although he is permanent.
 
If your income is strong enough to borrow what you need then it doesnt matter how long your partner is in his current job. You can still get the mortgage in both names! Your broker should know this and if they dont then I would find a broker that knows the basics.
 
Hi

I am not an earner and both my husband and I are applying for our mortgage jointly, regardless .....

Betsy
 
Stephenkelly said:
If your income is strong enough to borrow what you need then it doesnt matter how long your partner is in his current job. You can still get the mortgage in both names! Your broker should know this and if they dont then I would find a broker that knows the basics.
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She says that I can't put his name on the mortgage, because she has put down that he is renting a room off me to get extra money, as my wages alone doesn't get me the full amount.. So for that reason he can't have his name on the mortgage apparently..
 
As prreviously stated if the property is going to be in joint names then the mortgage has to be likewise...otherwise the lender could not rely on their security as all the legal owners had not mortgaged it.
 
LDFerguson said:
You've said he's permanent. Is he on probation? If so, for how long?
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He isn't on probation, but according to the lender he isn't long enough in the job, he is only there 4 and a half months, and they say he has to be over 6 months..
 
If you are applying for a sole mortgage, then the title deeds also have to be in sole name. However at a later stage he can be added to both the mortgage deeds and title. Lenders don't usually have a problem with transferring title and mortgage into joint names ie once he qualifies for the mortgage itself. It might cost more than having joint mortgage/joint title from the start but it can be transferred at a later date.
 
then the title deeds also have to be in sole name
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OP is married so the Family Home Act will apply;

Edit: apologies it is Betsy_Clark who is married, not the OP.
 
becky_1979 said:
He isn't on probation, but according to the lender he isn't long enough in the job, he is only there 4 and a half months, and they say he has to be over 6 months..
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Is there a specific reason why your broker is recommending this lender? Many lenders will offer a joint mortgage to you as long as your partner is in permanent employment and not on probation.

Alternatively, why don't you ask your broker to see if the lender will give you a loan offer in joint names with the condition that you cannot draw down your loan until he is 6 months in the job. That's only six weeks away.
 
PM1234 said:
If you are applying for a sole mortgage, then the title deeds also have to be in sole name. However at a later stage he can be added to both the mortgage deeds and title. Lenders don't usually have a problem with transferring title and mortgage into joint names ie once he qualifies for the mortgage itself. It might cost more than having joint mortgage/joint title from the start but it can be transferred at a later date.
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Thanks! That is good to know, I think that is our only option for now is to do this in the future, I wasn't even sure if we could do that.

Thank you everyone for your advise at this stressful time!
 
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