How Do I Add My Girlfriend To My Mortgage?

There may come a moment where you have been co-habiting with your partner for a while or have decided that your relationship with your girlfriend is progressing and becoming more serious. Consequently, you may want to add your girlfriend to your mortgage. In this article, how do I add my girlfriend to my mortgage, we take a look at the process and mechanism involved.

Free Initial Telephone Discussion

For a free initial discussion on how we can help you with the legal aspects of adding a partner to your existing mortgage, get in touch with us today. We will review your situation and keep you regularly updated, discussing progress in a clear and approachable manner. Early expert legal assistance ensures no mistakes are made and also avoids the stress of dealing with these matters on your own. Simply call us on 0345 901 0445 or complete our online enquiry form and a member of the team will get back to you.

What is the legal position?

It is advisable to consult a solicitor before adding someone to your existing mortgage as there may be implications that you may not have considered. There are two options you can choose from when adding someone to a mortgage.

• Tenants in Common

This normally occurs when friends or siblings own property together, rather than those who are boyfriend or girlfriend. In this situation, the couples involved typically own a percentage of the property.  It doesn’t have to be 50/50. In the event of the property being sold, the equity would be split depending on the percentage rights.

If one party dies, the remaining part of the property would pass to the owner’s next of kin or named beneficiary. It would not automatically pass to the other tenant-in-common. This is a very important point to consider.

• Joint Tenants

Joint tenants is the most common option. Both parties would have equal rights to the entire property. In the event of a death, the property would be passed on to the other owner.
It is important to make sure that you change any wills you have made in order to keep them up to date.

What is the process involved?

You will need to contact your lender to apply to have your girlfriend’s name added to your mortgage.  They will be subject to the same standard checks such as income and affordability as a new applicant for a mortgage. Consequently, it isn’t a formality to add them onto your mortgage if they have a poor credit score.

If the lender’s criteria isn’t met, then they are under no obligation to add your girlfriend to your mortgage policy.

Also, it is quite possible that your lender will charge you an administration fee to make the changes.

Adding a partner to a mortgage is a legal process.  You’ll need to instruct the services of a solicitor. Bear this in mind when considering what costs are involved.

Remortgaging to a joint policy

Another option is to remortgage and apply for a joint mortgage. In effect, you will be applying for a completely new mortgage.

If you’re not tied into the fixed-term with your current lender, then remortgaging should be relatively straightforward. You can look for a new mortgage policy either with your current lender or a completely new lender altogether. In this instance, your debt will be transferred.

If you are tied into a fixed-term, then remortgaging (in order to add someone new onto the policy) probably won’t be the best option, because you’ll likely be subject to early repayment charges. In this case, you could either add someone to your existing policy (as already discussed) or wait until your fixed term expires, and then look at remortgaging to a joint mortgage.

Is there anything else to consider?

Although it can seem like a good idea at the time when your relationship is strong and it seems like a natural progression to put your girlfriend onto your mortgage, often relationships can sadly break down. If this happens, not only will you have to deal with the emotional turmoil involved but you will have to also deal with the implications of someone you may have fallen out with owning a part of your home.

How we can help

We have a proven track-record of helping clients add a person to their mortgage. We will guide you through all the necessary legal due diligence in a comprehensive and timely manner. We firmly believe that with the right solicitors by your side, the entire process will seem more manageable and far less daunting.

How to Contact our Residential Property Solicitors

It is important for you to be well informed about the issues and obstacles you may face during the transaction. However, expert legal support is crucial in terms of saving you money and ensuring you achieve a positive outcome.

To speak to our Residential Property solicitors today, simply call us on 0345 901 0445, or allow a member of the team to get back to you by filling in our online enquiry form. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London

Authored by Ben Posted in News, Residential Property Tagged as