Contribute to deposit but not on mortgage

NondestructiveNorman

I am a limited company contractor, operating as the sole director and taking a mixture of salary and dividends. I've only been trading for 5 months so obtaining a mortgage soon is out of the question.

My partner on the hand is hellbent on "getting on the property ladder".. so much so she has set herself a deadline of buying a house by the spring.

She thinks it will simply be a case of both saving £15k (50/50) and her obtaining a mortgage for the rest on her own, around £100/105k, giving us a budget of around £120k. Her current salary is around £27k, and I am in the region of £60-70k (combined salary/dividends). We've been together nearly 4 years.

I am interested to know:

Is it as easy as just adding me to the mortgage at a later date?

How can I protect my investment until I am part of the mortgage agreement, bearing in mind I will be bankrolling things like new kitchen, carpets and other improvements?

She gets quite annoyed when I talk like this but I'm not prepared to simply hand over thousands of pounds towards a deposit and carry out home improvements only to be left with nothing if the worst were to happen.

I have tried to reason with her but she isn't prepared to wait a couple of years.. she knows best :rotfl:

I am going to be taking legal advice on my own (to ask the questions she doesn't want to hear) and with her in due course.

Thanks..!

Dave_Ham

Easy, go on the mortgage with £0 income


Fun times

amnblog

NondestructiveNorman wrote: »

I am a limited company contractor, operating as the sole director and taking a mixture of salary and dividends. I've only been trading for 5 months so obtaining a mortgage soon is out of the question.

My partner on the hand is hellbent on "getting on the property ladder".. so much so she has set herself a deadline of buying a house by the spring.

She thinks it will simply be a case of both saving £15k (50/50) and her obtaining a mortgage for the rest on her own, around £100/105k, giving us a budget of around £120k. Her current salary is around £27k, and I am in the region of £60-70k (combined salary/dividends). We've been together nearly 4 years.

I am interested to know:

Is it as easy as just adding me to the mortgage at a later date?



How can I protect my investment until I am part of the mortgage agreement, bearing in mind I will be bankrolling things like new kitchen, carpets and other improvements?





She gets quite annoyed when I talk like this but I'm not prepared to simply hand over thousands of pounds towards a deposit and carry out home improvements only to be left with nothing if the worst were to happen.

I have tried to reason with her but she isn't prepared to wait a couple of years.. she knows best :rotfl:

I am going to be taking legal advice on my own (to ask the questions she doesn't want to hear) and with her in due course.

Thanks..!

You have to be underwritten by the lender to be added to the mortgage.


Unless you are married the lender would not want 'your cash' in 'her purchase'.


Adding you to the mortgage without being able to consider your income will pull down her maximum lending.


Tell her to wait until you have one years trading behind you then there will be some sensible options.

NondestructiveNorman

amnblog, makes perfect sense to me but I suspect it's going to take someone like a mortgage advisor to get through to her. I'll happily wait 2 years and put 20k in... seems more sensible to me.

So realistically I don't know what my options are. We currently rent. If she did succeed in buying somewhere, she will want my contribution to the deposit otherwise she can't buy. Awkward..!

amnblog

NondestructiveNorman wrote: »

amnblog, makes perfect sense to me but I suspect it's going to take someone like a mortgage advisor to get through to her. I'll happily wait 2 years and put 20k in... seems more sensible to me.

So realistically I don't know what my options are. We currently rent. If she did succeed in buying somewhere, she will want my contribution to the deposit otherwise she can't buy. Awkward..!

I am prepared to tell her the facts of the big wide world if you want me to Norm

NondestructiveNorman

Rather you than me..

amnblog

Over the phone anonymously obviously