Legal & mortgage advice for FTB

Herbert12

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?

kingstreet

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.