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Mortgage Advice
Paul2006
Posts: 1 Newbie
Hoping to get some advice,
My girlfriend and I are looking to buy a place together. The issue I am having is with how to go about it. I can afford half the budget (250k) for a 500k property in cash. However with girlfriend will need to borrow (230K) to match the other half (60K annual salary). I have read up on joint ownership and it appears as though tenant in common would be the best way to go about splitting ownership shares.
The confusion is how my girlfriend can get a mortgage. Is it possible for her to get a mortgage on half the property? or would I have to apply with her and thus making it a joint mortgage?
Thanks in advance.
My girlfriend and I are looking to buy a place together. The issue I am having is with how to go about it. I can afford half the budget (250k) for a 500k property in cash. However with girlfriend will need to borrow (230K) to match the other half (60K annual salary). I have read up on joint ownership and it appears as though tenant in common would be the best way to go about splitting ownership shares.
The confusion is how my girlfriend can get a mortgage. Is it possible for her to get a mortgage on half the property? or would I have to apply with her and thus making it a joint mortgage?
Thanks in advance.
0
Comments
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Everything has to be joint.
You would be jointly liable for the mortgage.
A view from a old man would be don't do it at all unless you are both in it together.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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