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Answered on 21 October 2017 by Nick Morrey
My partner has a mortgage already. What is the process of adding my name onto it even though we are not married yet?
The process of adding you to the mortgage and title deeds is called a 'transfer of equity' and is a relatively straight forward thing to do. However there's one area that you do both need to consider, which is how the ownership is to be split. As far as the lender is concerned, all joint borrowers are what is known as 'jointly and severally responsible' for the monthly payment. This means that in the eyes of the lender, irrespective of any individual arrangements you may have, both borrowers are equally liable for the whole of the mortgage.
However, the ownership can be set up differently. Most couples when they buy a property do so as 'joint tenants', which means that both parties own the whole of the property equally, and in the event the property is subsequently sold then equity is split 50/50. As your partner already owns the property, they may want to consider setting up ownership under 'tenants in common', where a specific percentage of the ownership is allocated to each party. i.e. your partner has 80% and you have 20%. This won't affect the mortgage, but would protect your partners current equity in the property, in the event of any split in the future.
If you'd like to discuss this in more detail, including some lender and product options, then please contact one of our consultants on 0344 346 3672 and they'll be able to give you a clearer idea of how we can help.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.