Can i add my name on mortgage

[1970herbster]

My mother in law has offered us her house as she is tired with the mortgage payments, so she wants to add my name to the mortgage so I can pay it while she is free to rent elsewhere. My credit history is poor and to purchase the house from her would impossible, so we see this as a step towards proving to mortgage providers that we can pay. She is not giving us the house as she has an equity amount in it, so we would look at arranging something to split the share of the property as the loan for it is quite recent. Is this possible to arrange, both of us understand the risks of fall out and reposession etc, but are happy for a mutual arrangement, but I feel an agreement to protect her equity and our investment would be best.

[Loosehead]

Well unnoficially you could just pay the mortgage for her and she can move out and say nothing. This is however frought with problems if the lender finds out. In reality the lender will only investigate if payments are not made. To do it officially you would have to get the lender to agree and for this you would have to transfer equity via the land registry and get them to take you on as a borrower, unlikely with your credit rating. So to answer you question, yes it's possible but in your case I'd say the biggest problem is your lack of credit rating.

[Vesper99]

Don't even think about making any arrangement without a proper contract drawn up by a solicitor.
Family affairs, even in the best run familoies, cxan often end in tears.

[loonytunes]

I see no reason why this cannot happen. She will remain a joint owner and joint borrower. If the mortgage has been paid up to now and other people are now being added to the mortgage, there is no reason why the lender should object.