Posted on 2 February 2011 by Sue Mills
I want to remortgage my house to put towards buying another property which is in need of refurbishment and is a really good buy to let or sell on. Because I haven't got permanenent work at the moment I can only borrow the money I need by remortgaging but putting my partner on the mortgage and therefore the deeds although I own my property almost outright. How can I protect my 100% share, we will probably pay the mortgage back within a year or couple of years. My partner has his own flat which he rents out and we both agreed our assets would transfer to our children not to each other when we pass on or in the event of separating so I am concerned how to protect my interests.
There are some Lenders who will consider a mortgage in your joint names whilst only your name appears on the title deeds. Whilst not guaranteed that they will accept your application I think that because you are living together and have children it is a distinct possibility and an avenue that needs exploring before you think about transferring the title to joint names.
You will both need to take independent legal advice about how to protect your interests, whilst reflecting the risk your partner is taking by agreeing to take on a joint and individual responsibility for the mortgage. This is not an area where as mortgage brokers we can help you.
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