Can I take out a mortgage on my own but have the house in joint names?

Question

My boyfriend would like to own a house with me and pay half the deposit and half the mortgage payments. However I have the mortgage already arranged in my name only. Can I have a sole name mortgage but have his name on the deeds?

CHeers

Answer 1

It's  a better idea to have the mortgage changed to both your names because in 5 or 10 years time, who knows what will happen.

It's NEVER a good idea to do what you're proposing to do.

Answer 2

     The short answer to your question is yes.

If you want the mortgage to be solely in your name, you may do so. You should do so.  By putting his name on your deed of trust you are virtually guaranteeing expensive and protracted future litigation.

       Anything you want accomplished can be done through a well written partnership contract. The most important clauses have to do with the possibility that he defaults in his payments. MAKE IT CLEAR that he accepts the fact that he may be removed through an unlawful detainer. If he were on the deed, removal would be highly questionable due to his ownership interest.

          You are confusing a business relationship with your personal relationship....NEVER A GOOD IDEA. This will guarantee that bitter feelings will remain between you both for the remainder of your lives.

          Perhaps an option would protect both of you. Assuming at the end of five (5) years all payments have been satisfied, the deed will be changed to reflect joint ownership. Of course if you marry, this agreement is  superseded by community property laws. But at least if you are married you will have certain Court protections.

          Understand this is business and not personal. Neither of you are entitled to feel if   the other loved more, the obvious problems would be minimal or negligible. NOT TRUE.

          Adult situations require adult solutions. With marriage dissolution rates above 50% and relationship dissolution rates substantially higher be cautious and mutually responsible.      

          Good Luck.  

Answer 3

Are you crazy?

This is a very bad idea.

He can seriously s***w you, owning 1/2 the house and NONE of the mortgage.

Either keep this deal, but your name on everything, no deed for him.   If he is so sure that you are "forever" he will not mind this.

Or, just buy what you can afford on your own and buy with him AFTER you are married.

Answer 4

You get the mortgage and the house is yours.  Next day you pay $10 at the Recorders Office and add boyfriend to the title.  Then we he falls in love with someone else, you will check the 1,000 people who wrote questions here at Answers about how to get their boyfriend off the title. I know that could never happen to you, but you might want to read those questions anyway. /

Answer 5

The mortgage provided will want both of you on the mortgage, otherwise if you don't pay, they can't evict your boyfriend because he will have a legal entitlement to live there...so no.  

Anyway...why would you want to do that, you would have all of the risk and he would have all of the benefit!!

Answer 6

I can see no good reason to do that. Of course you can. It's your money to give away. He isn't a drummer, is he? Reminds me of an old joke

What do you call a drummer who breaks up with his girlfriend? Homeless.

Answer 7

you can add his name at any time but it will be on the mortgage not the deeds, you only get the deeds when the mortgage is paid in full

Answer 8

This is a big risk. If you were married and had more of a commitment from your BF it would be an okay idea, as long as he was paying half the mortgage. If you put your house into joint names you are handing him half the equity on your house on a plate. If he is named on the deeds he can force the sale at a whim.

Answer 9

Scotland- yes you can but not advisable.

Answer 10

You can but it is a BAD idea.  He would be half owner legally with no obligation to pay.  If you break up you might be forced to sell, or worse forced to pay the whole payment with him still owning half the home.  If you are ready to commit to buying a home together then best get married.  

Answer 11

DON'T DO IT..

Here is what happened to my friend who put her bf on her mortgage.

She had a stroke at 45..

Now he is leaving her.

She regrets sticking him on it.

Answer 12

Either way you can add him on the mortgage ( you  need start loan process from the beginning and he need to qualify for the mortgage) or on the deed.

If you will add him to the deed- he will be not responsible to make mortgage payments, but he will be a co-owner of the property you will have responsibility to pay for.