Question about mortgages

[geoff from contracta IOM]

You could simply hold the other parties 50% interest in trust for them.

[IR35FanClub]

That would be very stupid. You would be liable for the whole debt and she would be entitled to half the property. As someone who bought a house with an ex and spent an enourmous amount of money getting the house sold when we broke up as she was being a **** i had to get an order for sale through the courts.

If you buy a house with anyone who you arent married with, get a deed of trust signed by both parties outlining what happens if you break up.

Absolutely - are your sure you want just your name on the debt but both names on the asset? That's asking for trouble. Two guys I know have married a girl only to have her divorce them 1 year later taking half the house. Nasty! 1 girl was found out to have done it 5 times - basically her career was getting married and divorced on 1 year cycles to guys who had some cash. I do believe in Karma - so she must have had a nasty accident coming. Just don't envy whoveer caused it as she'll rinse them for everything! Actually - what would be justice is someone lying to her they were loaded - but in fact they were close to bankrupt and took half her money.

I'm just moving in with my current GF, politely mentioned when I was making the mortgage application she would be moving in. I knew what the outcome would be - mortgage company have given her a form to sign saying she has no rights to the property and can't stay if it gets repossed.

If you want a significant other to stay with you - just say I'll pay for the house and bills - you pay for the holidays and shopping. If things go pear shaped - and you are feeling bad you can always give them a few months rent on the way out the door. Or the phone number for the local council. Or if you think it will work out - tell them to stick an equivalent to half the mortgage in a savings account - untill you next move or pay off a lump sum when you add them to the mortgage in future.

[Martin@AS Financial]

Can you buy a property in joint names on the deeds but only have one name on the mortgage (sole mortgage) or if the property is owned jointly, does the mortgage have to be in joint names?

TIA

d00dhg has hit the nail on the head.

Essentially the answer is no. Lenders require all parties to be on the mortgage because in the event of needing to reposesses the property, they wont be able to do so if someone else has joint ownership. A lot of the time, when filling out residential mortgage applications, lenders want to be made aware of all other persons living in the property such as partners and dependents.

[d000hg]

d00dhg has hit the nail on the head.

That was unintentional

[alreadypacked]

That was unintentional

[Martin@AS Financial]

Haha - Sorry alreadypacked - meant you were spot on.