FTB or not?

leereni

My OH has a property in a foreign country and therefore doesn't qualify as a FTB. Unfortunately though, as we live and work in London there's not much chance of getting onto the property market without a massive deposit.

I was therefore considering just me buying a property and leaving her out of the buying process. She will however transfer any money she has saved for the deposit.

I was wondering if anyone had any experience or information regarding this situation and whether it is possible. I am particularly looking at shared ownership and Firstbuy schemes.

Thanks

Thrugelmir

Is your partner happy to have no interest in the property despite funding it?

leereni

Yes that's no problem. I was wondering about the possibility of getting on one of the first time buyer schemes (Firstbuy and Shared Ownership) based on the fact she will be living with me.

leereni

Sorry to repost but anyone got any advice re. Above?

Yorkie1

There have been other threads on here where mortgage companies are unhappy or unwilling to lend where the deposit comes from one partner, who is not on the mortgage for whatever reason. Note that you will have to be honest about the source of the deposit.

A mortgage company tends to want the same people to be on the property deeds who are on the mortgage - so this may cause circular difficulties.

Hopefully one of the more experienced mortgage people here will be able to comment further.

leereni

Ok thanks. So when I apply for a mortgage will I need to put the exact source of the deposit. How are the questions worded around this topic?

Angry_Bear

It's not just a case of answering a few questions with a carefully-worded dodge, in most (all?) cases you will have to provide proof of the source of the deposit (eg a few months bank statements). I believe this is for money laundering reasons and therefore law so you can't just look for a lender who doesn't check.