Joint Mortgage Application

MJP93

My Situation

I am looking to buy a house in the near future as a first time buyer, looking at either doing a joint or sole mortgage application. If I were to do a joint application is there a way I can protect myself should my partner and I split up?

I would be providing all the deposit for the mortgage as my partner is finishing university so does not have any savings. I want to ensure that if we were to split up (and potentially had to sell the house if I could not afford by myself), I would be legally guaranteed to receive my cash deposit back plus a share of any equity gained (if the house price were to rise).

Example

As an example if we jointly purchased a house for a price of £250k and I put up £50k as a deposit (£200k mortgage), then 2 years later we split and the house was now worth £260k.

I want to be able to sell the house for £260k, pay off the £200k mortgage then I would be legally guaranteed to receive £50k plus a share of the £10k increase in value.

Question

Is it possible to have this drawn up into some sort of legally enforceable document? Or included as part of the mortgage application?

(Please note I am aware of the simplicity of the scenario whereby I have not paid off any of the mortgage and the house value has gone up, but it's just to keep it simple!)

kingstreet

Nothing to do with mortgage.

You need a Deed of Trust drawn up by solicitor and to purchase property as tenants in common, not as joint tenancy.

MJP93

Thanks for that information, after a quick Google seems quite straightforward!