Mortgage for her (us), deposit from me - possible?

bluemrchimp

Ok,

So me and my girlfriend want to buy a house together. The trouble comes down to who owns the deposit.

I'm recently self-employed, with no accounts yet filed, so no way of proving my income. We've been told by mortgage brokers to leave me off the mortgage as that way we will be loaned the amount we need - bizarrely she gets loaned more as a single applicant.

The trouble is, while OH has all the (proveable) income, I have all the deposit. It's substantial (70k, an inheritance) so there's no way she could pay the deposit instead.

I don't mind being left off the mortgage (and, by extension, the title deeds). But will there be a problem with the mortgage company with me putting in the deposit? Or tax implications I don't know about?

I'm really stumped and don't know if we can do what we want to...



(obviously we will seperately go and see a lawyer between us and make sure we have our own agreement in case things go wrong)

bluemrchimp

Cannon_Fodder

If you write a cheque to your other half, she banks the cheque for a week, and then she writes a cheque to her solicitor ready for exchange/completion stages, the lender will not know where the deposit has come from...

Solicitors have to comply with money laundering obligations, so a chat with them as you draw up your agreement should make sure this doesn't create a problem.

ema_o

Surely (especially if you are putting in the deposit) you should be included on the title deeds?! Just because you are not liable for the mortgage shouldn't mean you have no ownership of the house?
Sorry, I don't have any experience of this, but I would not want to pay £70k towards a house if my name was not on the deeds in some way. If this could be done it would prevent any probs with possible tax implications!
Talk to a solicitor I am sure they will have experience of this!