If you own a property, there may come a time when you want to add another person to the mortgage. This may be when a new partner moves in with you, but there are many other reasons too. Adding another person to the mortgage is often possible, but it isn’t as simple as asking your lender to add their name. This process is known as a transfer of equity and usually also involves updating the legal ownership. If approved, your solicitor or conveyancer will usually update the legal ownership of the property at the same times as the mortgage is updated. This legal process is known as a transfer of equity.
Can I add my partner to my mortgage?
Adding a partner to your mortgage is one of the most common reasons people ask to change an existing mortgage.
Many couples decide to do this after getting married, moving in together or when one person has been contributing towards the mortgage for some time. Adding a partner can allow you to share both the ownership of the property and the responsibility for making the mortgage repayments.
Before agreeing, your lender will usually assess your partner in much the same way as they would for a new mortgage application. They’ll look at their income, employment, credit history, existing debts and other financial commitments. You may need to provide evidence such as proof of income, bank statements and identification.
How do I add someone to my mortgage?
The first step is speaking to your mortgage lender or broker.
Some lenders can add someone to an existing mortgage without you changing to a completely new mortgage product. Others may require you to remortgage onto a new deal. This will depend on your lender’s criteria and your individual circumstances.
Once your lender has approved the application, a solicitor or conveyancer will prepare the legal paperwork and update the ownership records where necessary.
Does it cost to add someone to a mortgage?
Yes, there can be costs involved.
These may include:
- legal fees for a solicitor or conveyancer
- a lender’s administration fee
- valuation costs, if the property needs to be valued
- mortgage fees.
If your current mortgage deal has an early repayment charge (ERC), you should also check whether this would apply. In some circumstances, lenders may agree to waive the ERC if you are taking out a new mortgage with them.
The total cost will depend on your lender and your individual circumstances.
Who can you add to a mortgage?
Many people assume they can add anyone to a mortgage, but lenders will always assess the new applicant before making a decision.
While every lender is different, it may be more difficult to add someone who:
has little or no UK credit history
is a foreign national who doesn’t yet meet the lender’s criteria
has had a property repossessed, has a history of serious credit problems such as a Debt Relief Order (DRO), or has had an Individual Voluntary Arrangement (IVA).
This doesn’t automatically mean the application will be declined. Many building societies, including Suffolk Building Society, take an individual approach and look carefully at each person’s circumstances rather than relying solely on automated decisions.
Should you wait until your mortgage deal ends?
If your circumstances have already changed, it may be worth speaking to your lender straight away rather than waiting until your current mortgage deal finishes. However, if you know your circumstances are likely to change at around the same time as your current mortgage deal expires, it may be worth reviewing all of your options at the same time.
Summary
Adding someone to a mortgage is often possible, whether you’re moving in with a partner or sharing ownership with a family member or friend. The exact process depends on your lender’s criteria and the circumstances of everyone involved.
It’s not simply a case of adding another name to the mortgage. If the person is also becoming a legal owner of the property, the title deeds will usually need to be updated with HM Land Registry as well. A solicitor or conveyancer can advise on this part of the process and complete the legal work on your behalf.
In short, adding someone on is very doable, but don’t make any assumptions without speaking to your lender.
