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Legal & mortgage advice for FTB
Herbert12
Posts: 5 Forumite
Hi first post here and I have a question regarding the funding of a house I'd like to buy-all help much appreciated.
My girlfriend and myself want to buy a 200k property. She is as to pay her half (100k) cash. I have a 30k deposit and so need around a 70k mortgage. I earn 25k pa working for a large asset manager, i believe this mortgage attainable?
My question regards the legality in terms of if I default what happens to the house and my GFs 50% stake? What options do we have to mitigate any arising issues?
My girlfriend and myself want to buy a 200k property. She is as to pay her half (100k) cash. I have a 30k deposit and so need around a 70k mortgage. I earn 25k pa working for a large asset manager, i believe this mortgage attainable?
My question regards the legality in terms of if I default what happens to the house and my GFs 50% stake? What options do we have to mitigate any arising issues?
0
Comments
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You can't take out a mortgage in one name if you both own the property. So it'll be a joint mortgage for which your partner will be fully responsible.
You can protect yourselves in the event of split-up by setting up a Deed of Trust for split-up with a profit, or split-up with a loss.
You can't trump the lender's right to joint and several liability though.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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