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Joint mortage question
jq095143
Posts: 2 Newbie
I am looking at purchasing a property to share with my partner. As things stand we are looking at a joint mortage. However, we are in completely different positions financially.
I have a sizeable deposit in the region of six figure deposit. My partner does not currently have any money available to make a contribution to the deposit.
Moving forward we would split the mortgage payments but my contrubution would be greater in the region of a 60/40 or even 70/30.
If we were to split up there would be no plans to sell the home. I would look to remain in the property and finance it myself.
In this situation where there is vast difference in contributions, is a joint mortage with a declaration/deed of trust still suitable and would my contribution be safe, or would an different approach be more suitable?
Many thanks
I have a sizeable deposit in the region of six figure deposit. My partner does not currently have any money available to make a contribution to the deposit.
Moving forward we would split the mortgage payments but my contrubution would be greater in the region of a 60/40 or even 70/30.
If we were to split up there would be no plans to sell the home. I would look to remain in the property and finance it myself.
In this situation where there is vast difference in contributions, is a joint mortage with a declaration/deed of trust still suitable and would my contribution be safe, or would an different approach be more suitable?
Many thanks
0
Comments
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Joint mortgage, property owned as tenants in common (unequal shares) and a Declaration of Trust drawn up sounds like the right way forward.0
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I second Pixie. Solicitor can do it all for you with the conveyancing.0
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