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Joint Mortgage question
jeanat9
Posts: 25 Forumite
Hello everyone,
Me and my partner are currently trying to buy a house for the first time. We would like to have shared ownership of the house. Which would mean we have to take out a joint mortgage for both names to appear under the ownership of the house. However as my partner is unemployed at the moment, i was wondering if we would even be able to take out a joint mortgage?
And as she will put half of the money on the house from her savings it is quite important for her to have her name on the ownership. Also from her stand point she would effectively be paying off the interest on my mortgage with her deposit when we happen to sell the property in the future. would there be any way around this problem in order to secure her deposit?
Thank you for your time,
John
Me and my partner are currently trying to buy a house for the first time. We would like to have shared ownership of the house. Which would mean we have to take out a joint mortgage for both names to appear under the ownership of the house. However as my partner is unemployed at the moment, i was wondering if we would even be able to take out a joint mortgage?
And as she will put half of the money on the house from her savings it is quite important for her to have her name on the ownership. Also from her stand point she would effectively be paying off the interest on my mortgage with her deposit when we happen to sell the property in the future. would there be any way around this problem in order to secure her deposit?
Thank you for your time,
John
0
Comments
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There is nothing to stop an unemployed person being a joint applicant on a mortgage and purchase. They will however be treated as dependent on you and this may reduce the maximum amount you can borrow.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.0
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