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Deed of Trust query
Am looking to buy a house with partner. In short my partner has really really bad credit so we are looking to get the mortgage in my sole name. Understand the title/deeds would also be in my sole name to satisfy mortgage lenders requirements.
My partner wants to invest towards the deposit and towards the costs. In this instance would we be able to draw up a Deed of Trust that secures his investment and a % of equity after any obligation to mortagage lender and without him being named on the deeds?
Thanks
Comments
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You'll need to declare the source of your deposit. An individual not named on the mortgage but resident in the property will not be acceptable. Getting around lenders requirements is not as easy as you suggest.0
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Even if their interest is secondary to the mortgage lenders?
Can any conveyancing solicitors advise?0 -
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Ok different thought.
If partner did not contribute any deposit, would a cohabitation agreement or similar legal document protect their contribution towards bills and other expenses?0
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