unmarried couple, two principal residences?

Dave_Ham

Come on people please, if you do not absolutely know the answer to something; please do not state facts

This has misled the OP now as actually "subject to qualifying criteria" this can happen.

If you do not have a high salary, your OH will need to earn well in order to facilitate this though.

Ok, I think it is admirable that they are still communicating and thinking of both of their circumstances and that of their child. Too often people come on here not talking or trying to rob money off the other, so lets try and give some actual fact.

I very much doubt a high street bank will fancy this, certainly not as it would be 2 applications at the same time. Without being biased you need a decent mortgage specialist.

Without knowing more I cannot tell you how practical this solution is, only that it most certainly is possible...

zzzLazyDaisy

nuki wrote: »

I can afford it, with the aid of child maintenance. But.. the lender won't take into account child maintenance unless it's court enforced (and we don't want to go to court). .

You don't have to go to court. If the lender wants you to produce a court order what you need to do is go and see a solicitor, explain what your agreement is re maintenance, and ask for a consent order to be drawn up and placed before the court. There is no need for either of you to attend court.

The only problem that I can see with this is that the courts rarely deal with child maintenance issues at all these days, and when they do it is usually part of a divorce settlement (which doesn't apply to you). The more normal route would be to go through the CSA. However, if your lender is insisting on the bit of paper, a consent order would be the way forward.

Either that, ot look for a different lender who will take child maintenance into account without a court order.

Dave_Ham

zzzLazyDaisy wrote: »

You don't have to go to court. If the lender wants you to produce a court order what you need to do is go and see a solicitor, explain what your agreement is re maintenance, and ask for a consent order to be drawn up and placed before the court. There is no need for either of you to attend court.

The only problem that I can see with this is that the courts rarely deal with child maintenance issues at all these days, and when they do it is usually part of a divorce settlement (which doesn't apply to you). The more normal route would be to go through the CSA. However, if your lender is insisting on the bit of paper, a consent order would be the way forward.

Either that, ot look for a different lender who will take child maintenance into account without a court order.

This is actually good advice, I missed this part in my previous message.

Some lenders will accept non CSA maintenance, but you will require a history of this being paid for a sustained period of time in most instances...

nuki

getmore4less wrote: »

Total borrowing £600k, needs joint salaries around £120k-£150K or even more

85% LTV is the worst case scenario. Total borrowing would be in fact a maximum of £400K and our combined income is sufficient. We're not trying to get more than we can afford to pay back individually, under the circumstances. We're both debt-free, loan-free, have stable jobs so I believe that puts us in a good position to get a mortgage. Hopefully two mortgages

Our problem is, I need to be in the larger flat because the child will live with me, but my income is the lowest of the two incomes.

To clarify - the applications won't be concomitant. We would buy together the first flat (90% or so my share on the title), then after several months we would buy the second one, with the share ratio reversed. What we are trying to avoid is for the second flat to be treated as a second residence by the lender, because in that case they would require a 25% downpayment which none of us has. The second flat would be his main residence and not rented.

And one more thing. He can afford to buy me out or go separately. So he is willing to wait until I get a slightly higher salary and there will also be some history of child maintenance payments. We will go to CSA after we start to actually live separately in different residences; right now we share all expenses and still are under the same roof.

Appreciate all the responses so far, thank you!

getmore4less

I made an error at 85% LTV with £90k thats £510k borrowing

£400k would be 82% LTV

zzzLazyDaisy

OP it is not helpful to run two identical threads at the same time

https://forums.moneysavingexpert.com/discussion/3877815

May I suggest that you ask a board guide to merge the threads.

POPPYOSCAR

CLAPTON wrote: »

'two main residences' is all about tax (cgt) and nothing to do with lenders.

no lender will provide two residential mortgages.

So what if you want to have two houses for example in different parts of the country and live in one for 6 months and the other for 6 months? Or have a holiday home that just you use?

The_Road_Warrior

Before you go any further, please check out solicitor, barristar and Family Court fees. Add this on top the debt and then work out whether you can afford the mortgage and a Family Court battle at the same time. Average FC battles are usually over £10k and that is not including 'consultations' etc. If CAFCASS get involved then the sky is the limit when it comes to fees!

You may not 'think' such crap will happen, but it will. As soon as him or you meet 'new partners' then it'll be 'shields up' as either one of you will be under pressure to 'move on' from the previous sh*t storm!

Bad idea! Forget it, sort out Contact and Chid Support but keep your living arrangements seperate from the failed relationship!

nuki

zzzLazyDaisy wrote: »

OP it is not helpful to run two identical threads at the same time

May I suggest that you ask a board guide to merge the threads.

sorry I'm a new user and didn't realize I double posted, I thought first time was lost.

The_J

The lack of mortgage knowledge on this thread is astonishing. If people are not qualified they need to learn to be quiet.

Also, do not judge what will work for someone and what won't. Identify the potential legal, financial and emotional problems but leave your judgement at the door.

Listen to Dave Ham nuki. He knows what he is talking about.