Buying into Joint Ownership

Posted on 13 March 2016 by Anne

I would like my partner of 6 years to be able to buy into the mortgage for the house I bought (in my name only) 2 years ago with a deposit of £80,000. He does not have any capital so he would need to borrow £40,000 to 'buy' his share of the initial deposit to give to me. What would be the best way for him to do this?

Hi Anne,

The most usual way people do this is to raise the money against the property. This would involve either a further advance form your existing Lender or a remortgage to a new lender. Mortgage lending tends to be the cheapest way of raising funds.

However, this would mean that in addition to receiving the cash you would inherit a larger mortgage, albeit it your joint names and you would each have a joint and several responsibility for payments on the whole debt.

I recommend that you speak to your existing Lender about a transfer of equity subject to mortgage and a further advance before speaking to your Solicitor about adding your partner to the title deeds and mortgage.

Depending on what your Lender says, I believe you would benefit from speaking to one of our independent mortgage advisers about a remortgage. Please call on 0344 346 3672 and tell the consultant the date and title of your question.

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.


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