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Can You Add Someone to a Mortgage?

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Buying a home is one of the most significant financial commitments most of us will make in our lifetime. It is an investment that requires careful consideration, and a mortgage is the most common way to finance the purchase of a home. However, circumstances can change, and what once worked for you may not be suitable anymore. But can you add someone to a mortgage? In short, yes, but there are a few things you need to know. Let’s take a closer look.

Can I add someone to my mortgage?

Yes, but first, you need to ensure that the lender is willing to allow the addition of another person.

Your lender will need to carry out checks on the new applicant’s financial situation to ensure they can afford to contribute to the mortgage payments. This may involve an affordability assessment, credit checks, and proof of income.

Secondly, you need to decide how you want to add the new applicant. There are two main options available: adding the new applicant as a joint borrower or adding them as a guarantor.

Joint borrower

If you add the new applicant as a joint borrower, they will be jointly responsible for the mortgage payments with you.

This means that if you or the new applicant fail to keep up with the payments, the lender can pursue either or both of you for the debt.

Adding a joint borrower can be a good option if you want to share the financial responsibility for the mortgage, or if the new applicant is contributing significantly to the mortgage payments.

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If you add the new applicant as a guarantor, they will be responsible for making the mortgage payments if you default on them.

This means that the guarantor is only responsible for the payments if you cannot make them, rather than jointly responsible for the payments like a joint borrower.

Adding a guarantor can be a good option if you want to help someone else get on the property ladder, or if you need to add someone to the mortgage for a short period, such as to help them improve their credit score.

The implications of adding a name to a mortgage

If you add someone as a joint borrower, their financial situation will be linked to yours, and any missed or late payments could affect their credit score as well as yours.

Adding someone as a guarantor can also have implications for their credit score, as lenders will view them as taking on additional financial responsibility.

Should I add someone to my mortgage?

Adding someone is possible, but it is not always straightforward. It is crucial to carefully consider your options and seek professional advice before making any decisions.

If you are considering adding someone to your mortgage, speak to your lender or a mortgage advisor to discuss the best option for your circumstances.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

Last Updated: September 25th, 2023

Phil Spencer

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