Do I need a deposit?

spesa

Hi,

I don't know if this is the right forum for this query but here goes.
My partner and I are looking to move house next year, my partner is a widow and as a result of her late husbands insurance there is currently no mortgage on her property which is worth just over £200,000. We would like to move next year so that we have a home which is jointly ours which means I would take out a mortgage of say £75,000-£100,000 in my name alone. I'm just wondering if I would need a deposit to take out a mortgage as my partner would have approx £200,000 cash to put towards the property aswell?

Typhoon2000

If your partner is putting up any of the deposit, she will have to be on the mortgage as well.

StuC75

It would be ridiculous for your partner to enter into this without her name on the deeds & mortgage - regardless of if it is only you buying the house - the proceeds would be used as the deposit..

It would also be advisable to have an agreement drawn up recognising how that is to be held - e.g. 2/3rds hers, 1/3 yours...what if were to separate she would also be responsible for the mortgage (joint and several)...

Otherwise she would have no way of protecting her investment, if you either separated or fell behind on the mortgage and the bank ended up repossessing..

Foxy-Stoat_3

If you are buying a place in your own, without using your partners money, then yes you would need a deposit.

In reality you will use your partners money as the deposit and you both will take out a mortgage.

Having a Deed of Trust will be a good idea for both of you (mainly your partner) should the relationship break down in the future.