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Unmarried first time buyers advice
spittingpink
Posts: 10 Forumite
Hi Guys,
Me and my partner are unmarried and are looking to buy our first house. His parents have offered him an early inheritance of around a 50% deposit, I on the other hand do not have that luxury, but will be saving several thousand to pay for fee's etc when we purchase the house and will be chipping in for any renovation/decorating.
As I am just settling an IVA I'm not sure if I will be able to have a joint mortgage or if it will have to be in his name, but I will be paying into it and potentially paying back some of his parents money.
What I want to know is, in the worst case scenario, how do we both protect what we have put into the house? (we totally trust each other, but his parents want to secure their money before they hand it over) is there something we can do upfront to secure my input and his parents input?
Me and my partner are unmarried and are looking to buy our first house. His parents have offered him an early inheritance of around a 50% deposit, I on the other hand do not have that luxury, but will be saving several thousand to pay for fee's etc when we purchase the house and will be chipping in for any renovation/decorating.
As I am just settling an IVA I'm not sure if I will be able to have a joint mortgage or if it will have to be in his name, but I will be paying into it and potentially paying back some of his parents money.
What I want to know is, in the worst case scenario, how do we both protect what we have put into the house? (we totally trust each other, but his parents want to secure their money before they hand it over) is there something we can do upfront to secure my input and his parents input?
0
Comments
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Chances are you won't be party to the mortgage and purchase.
The usual route is a deed of trust between the parties.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 -
At the other poster has said, a Deed of Trust.
My partner is putting in £100K for the deposit for our joint mortgage and I am putting in...not a penny!
We are going get the solicitor to basically draw up a Deed of Trust saying I am not entitled to a penny of his original deposit if we split.0
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