Adding someone to a mortgage FTB

[Stupeo]

Further to this thread I started today: http://mobile.pistonheads.com/gassing/topic.asp?h=...

Does anyone know if its possible to add someone on to a mortgage?

I am hoping to buy a place with my partner but she can't get a joint mortgage due to her only having a 0 hour employment contract and only been in her current job for a month.

I can get a mortgage but want her to be on the deeds etc should the worse happen.

Therefore, is it possible to add someone on to the mortgage after about 6 months of taking it out?

Cheers.

[Maryben]

If she is to be on the deeds (buying in joint names) she will have to be on the mortgage. She does not need income to be on the mortgage. The lending will be based only on your income so it could possibly reduce the amount you can borrow as the lender will base it on two applicants being supported on only one income. To add someone to a mortgage later would involve a transfer of equity with additional legal fees.

[princeperch]

why not just make a will instead of going through the ball ache of adding her to the mortgage?

if you want her to contribute towards the monthly repayments fine, but I dont see any value in adding her to the mortgage...

[Rambaud]

You can use a Declaration of Trust to give her a % of the property - no need to alter the Legal title.

However, any gifts to a non spouse can trigger CGT.

Likewise possible IHT and SDLT implications.