Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • WanderingPawn
    • By WanderingPawn 20th Apr 17, 3:09 PM
    • 3Posts
    • 0Thanks
    WanderingPawn
    Cash + Mortgage and shared ownership
    • #1
    • 20th Apr 17, 3:09 PM
    Cash + Mortgage and shared ownership 20th Apr 17 at 3:09 PM
    My wife and I would like to buy a house (as first time buyers).

    I have an income from permanent, full-time employment, but limited savings.
    My wife is a full-time parent so has no regular income. However, she does have substantial cash savings.
    We'd like to buy a house sharing the ownership 50/50. I'd like to get a mortgage for half the asking price, my wife to pay the other half in cash.
    Can anyone advise on the best way to do this?
Page 1
    • kingstreet
    • By kingstreet 20th Apr 17, 3:12 PM
    • 31,948 Posts
    • 17,075 Thanks
    kingstreet
    • #2
    • 20th Apr 17, 3:12 PM
    • #2
    • 20th Apr 17, 3:12 PM
    So when you say shared ownership you just mean joint ownership and you want a sole mortgage and both names on the deeds?

    This isn't actually a shared ownership property where a Registered Social Landlord will eg own half and you will own the other?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • WanderingPawn
    • By WanderingPawn 20th Apr 17, 3:14 PM
    • 3 Posts
    • 0 Thanks
    WanderingPawn
    • #3
    • 20th Apr 17, 3:14 PM
    • #3
    • 20th Apr 17, 3:14 PM
    No, we'd own the whole house, just, as you put it, there would be a sole mortgage in my name, but both names on the deeds. Is this possible?
    • kingstreet
    • By kingstreet 20th Apr 17, 3:15 PM
    • 31,948 Posts
    • 17,075 Thanks
    kingstreet
    • #4
    • 20th Apr 17, 3:15 PM
    • #4
    • 20th Apr 17, 3:15 PM
    There is one lender which has the necessary legal charge which allows more owners than borrowers.

    Suggest you research the market and/or speak to a broker for guidance.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • BLOW FLY
    • By BLOW FLY 20th Apr 17, 3:17 PM
    • 102 Posts
    • 79 Thanks
    BLOW FLY
    • #5
    • 20th Apr 17, 3:17 PM
    • #5
    • 20th Apr 17, 3:17 PM
    I would assume that your wife's share would be form the deposit, SLDT, fees and other variaous associated costs.

    You'd have the mortgage to pay on the other 50-60% depending on LTV and her input.

    Depending on your income levels and any other outgoings and debts I would think 50-60% LTV should be easily achievable.

    All depends on the figures though.

    BF
    • WanderingPawn
    • By WanderingPawn 20th Apr 17, 3:26 PM
    • 3 Posts
    • 0 Thanks
    WanderingPawn
    • #6
    • 20th Apr 17, 3:26 PM
    • #6
    • 20th Apr 17, 3:26 PM
    Thank you both very much for your advice. I hadn't thought of it as my wife's cash simply forming a larger than average deposit.

    I imagine that, as kingstreet advises, I'll still need to speak to a broker and (I guess) a solicitor about this, and the question of names on the deeds. We'd like both names to be on the deeds, but are not sure how the lender will view this.
    • kingstreet
    • By kingstreet 20th Apr 17, 3:54 PM
    • 31,948 Posts
    • 17,075 Thanks
    kingstreet
    • #7
    • 20th Apr 17, 3:54 PM
    • #7
    • 20th Apr 17, 3:54 PM
    As I said, if she isn't going to be a party to the mortgage, your lender options for such a case is one.

    If she's happy with joint mortgage and ownership, ie 'normality' there will be the usual pool of lender options.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,736Posts Today

7,585Users online

Martin's Twitter