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I am sole tenant on an HSBC mortgage and deeds to a new

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purchase but would like my...
I am sole tenant on an HSBC mortgage and deeds to a new purchase but would like my partner to have an equity share but without the mortgage liability. Can this be done this through a declaration of trust, life insurance (to cover the mortgage) and my Will such that in the event of my death that my partner is secure in our home?
Submitted: 7 months ago.Category: UK Property Law
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12/22/2017
Solicitor: Buachaill, Barrister replied 7 months ago
Buachaill
Buachaill, Barrister
Category: UK Property Law
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Solicitor: Buachaill, Barrister replied 7 months ago

1. I regret to say you are attempting to do the impossible in giving your partner an equity share in the property without them having the mortgage liability. This is because no lender will take only part of a property as security for a mortgage. It is an 'all duck or no dinner' situation with mortgage lenders never willing to take, for example, 80% of a property as security. So, your aim of having some equity share owned by your partner which is not covered by the mortgage is illusory. What would be possible would be for them to have an equity share but it subject to the mortgage as well. However, I have never seen a lender who will take part of a property as security as this negatively impinges upon the lender's rights, such as their right to sale of the property, which removes the whip hand from them, for which they are not willing to lend.

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Solicitor: Buachaill, Barrister replied 7 months ago

2. It would be possible to have an endownment mortgage which would kick in, with life insurance, upon your death to discharge the mortgage liability. However, be aware that this is more expensive that a conventional repayment arrangement in relation to the mortgage.

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Solicitor: Buachaill, Barrister replied 7 months ago
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