The mortgage is due to be renewed in March as the product's life-cycle is naturally coming to an end, and so we figured now might be a good time to put my fiancée on the mortgage (as opposed to before or after).
The longest story short; I bought a house with my ex, we broke up, I bought her out, the lender took her name off the mortgage and I continued to pay the £700 a month by myself. It was a really easy process and took a single phone call.
A few years later, I'm now engaged and I'd like my fiancée to be on the mortgage. I understand she'll need to go through affordability checks, but I'm not sure what it means for the renewal.
Would it be better / easier to:
- hold off, renew the mortgage (same lender, different product) and then add her?
- look around now for a better product and add her at the same time?
- look around now for a better product as a sole owner and then add her?
- something else?
...or (what I imagine the responses will be) ask a financial advisor? I was hoping someone's had a similar experience before taking that route.
Update: Regarding @brhans comment about whether "adding her to the mortgage would necessarily give her any ownership of the property", I spoke to the lender today and it turns out you can't add someone to the mortgage without adding them to the deeds and vice versa.
They have in-house conveyancing solicitors that can arrange the transfer of the legal title of the property from my sole name into joint names - this is also known as a 'transfer of equity'.
The only complication now is preparing a declaration of trust (to protect my deposit and equity in case of a break-up), and then changing from tenants in common to a joint tenancy when we get married - another question for another time! Thanks all.