Adding a resident partner onto an existing mortgage

[MHaughton]

Hi Guys,

My first post on here but it looks like you've really managed to help people out in the past. I would like to enquire about the process and costs to bring my partner onto my preexisting mortgage.

Having looked online I belive this would be through a tennants in common agreement with a deed of trust to specify my existing deposit and our respective ownerships shares. Please let me know if this is the correct route.

We would like a rough idea of fees and times scales too?

Thank you in advance,
Matt

[atticus]

You are looking to make your partner a co-owner of your property, transferring a share of your ownership to him or her. Tenants in common/deed of trust seems sensible. But will your mortgage lender agree to this?

As to fees, you will need to ask your mortgage lender and get quotes from solicitors.

[MHaughton]

Hi Atticus,
Thanks for yours. That would be the intention and the deed would set out our ownership based on deposit contribution and ongoing contribution via mortgage payments and renovations etc.

I have not asked the lender yet but hope to do that on Friday this week. Should this be a fairly straightforward process?

Thanks again,
Matt

[atticus]

Whether it is straightforward will depend on the approach your lender takes.