If your partner is helping you to pay your mortgage then it would be better if you put their name on the property deed, mortgage documentation, and every other required legal paper. You might have to consult a solicitor whenever you want to put your partner or spouse’s name on the title deeds. This process is known as the transfer of equity.
Contact your current mortgage lender
You can your partner’s name on your existing mortgage agreement but for that, you need to contact your current mortgage lender if the subject of the deal is early repayment charges. Your lender will run through the same process with your new application. Now it is totally up to your mortgage lender whether they approve the new name on the contract or not. They will check the credit score and all other required documents before they approve or reject your application.
Remortgage your property to a new mortgage lender
Other than contacting your current mortgage lender how about you apply for a remortgage over your existing property to a new lender? Yes, this is possible. If you want to transfer your mortgage and home into a joint name then remortgaging your property to a new lender will help you in this process.
You will have to apply for a new mortgage, and the new lender is going to check your income, any other debts you have or had, your credit score. This assessment will help the lender to decide whether to approve your remortgage application or reject it.
Your existing mortgage lender might not approve of putting another name on the deeds but every lender has its own criteria. So there is a possibility the new lender will approve your application for a joint mortgage. Plus you might obtain better rate options from your new lender.
Once you put your partner’s or spouse’s name on the mortgage, the credit score of your partner is going to get associated with yours. Whether they have a bad credit score or a healthy one, it will become joint. Now it will depend on both of you that how you are going to maintain it because a bad credit score will narrow down your options if you think of getting remortgaged in the future.
Legal matters need the most attention before you take any final decision. You want to put your partner’s name on the mortgage or title deeds it would be better if you discuss this matter with someone professional first. You might have to pay for the stamp duty and other tax implications might take place once you get your spouse’s name on the title deeds or mortgage. You have two options if you want to leave your property to someone specific because it is not your main residency or you just want to inherit it:
- Common tenants
A property is going to be inherited by your children after your death if you and your partner both owned it.
- Joint tenants
The property will go to their new owner after your and your partner’s death.
Get professional help from us
Legal matters get extra tricky and tough when you don’t get help, support, or advice from a professional person. Whether you want to put your partner’s name on the mortgage because you both are paying for it, or you want to get a remortgage you must discuss it with a mortgage broker first. You don’t have to look for a mortgage broker anywhere else because we are here to help you.
The final word
Your partner’s name has to be on your existing mortgage documents especially when you both are paying for it. If your current lender is not letting you do this then you can go for the remortgage option. If you want to discuss the consequences of this step or how you can get this work done without going through any hassle, you can simply contact our mortgage brokers.