Mortgage dilemma

Husky80

Really need some objective advice.

My partner and I have found a house we love, after looking for months. We are moving area in order to be able to have improved accommodation etc.

We are using the family broker to search mortgage deals. My partner has 2 children and due to health issues has been unable to work recently but has been given the go ahead to go back in a few months. We've tried to plan moving around this so she can start a new job in the new area, rather than starting one here, then moving.

We are looking to buy a house together. She is selling her home and has a large deposit from this. My parents were giving me a sum of money too, however, my dad sadly passed away so now the money is all tied up, which means we are short on the mortgage we were going to get.
We've looked at a lower mortgage and for a cheaper house etc but can't find anything.

The broker came up with another way, as weve not lost the house we wanted, but it would mean me getting the mortgage as a first time buyer and my partners equity would be a 'gift deposit'. This would all be put in a document by a solicitor so her money protected. It just feels uncomfortable doing it, but we can afford the payments it's just the bank that says we can't(without the parent deposit, as she s going back to work). Obviously she would be working and I would eventually get the lump sum too. If we wait we will lose the house, months of hard searching wasted. I want to spend the rest of my life with my partner and I've been raising her kids as my own.

If you have advice would like to hear it.

Thank you

Thrugelmir

My personal view is that you should rent until such time as your partner is back in employment. As your partners "gift" will cause issues from a lenders perspective and not be acceptable.

kingstreet

Husky80 wrote: »

me getting the mortgage as a first time buyer and my partners equity would be a 'gift deposit'. This would all be put in a document by a solicitor so her money protected

It will have to be documented as a gift and she would have to give up any right to it and to any interest in the property.

If you ask the solicitor handling the purchase and also representing the mortgage lender to set up a separate deed of trust, effectively declaring the gifted deposit to be fraudulent the solicitor should declare this to the lender and your application will be cancelled.

I would be dubious of a relationship with any broker suggesting such a plan.