Partner Contributing to Mortgage Payments

kingstreet

Weyoun wrote: »

Why is it the wrong lender? If, as mrginge stated, my partner can pay her share of the payments via me, and disregarding any trust issues or what-ifs relating to our relationship which aren't really relevant to my original question, it would seem to be the right lender to me.

Are you suggesting that mrginge is incorrect? Please do tell me if that is so, as that is what I wanted to know, hence my original question!

I'm suggesting you could have had a joint purchase and joint mortgage now.

Nothing more, nothing less.

That may save you money later if you then have to pay fees to change the mortgage and for a transfer of equity.

Still, I've just been a mortgage broker for thirty years, what could I possibly know. As you were, eh.

HappyMJ

Weyoun wrote: »

Why is it the wrong lender? If, as mrginge stated, my partner can pay her share of the payments via me, and disregarding any trust issues or what-ifs relating to our relationship which aren't really relevant to my original question, it would seem to be the right lender to me.

Are you suggesting that mrginge is incorrect? Please do tell me if that is so, as that is what I wanted to know, hence my original question!

No tax to pay on payments made between partners.

Weyoun wrote: »

Which is precisely why, once she has sold her existing property (as quickly as possible) we would look to add her name to the deeds and/or mortgage so that she has some security.

The mortgage company might not allow her to be added. You will need to apply for another mortgage again with all the redemption fees and application fees and be approved to do that. You are taking a risk....in my opinion too big a risk.

kingstreet

HappyMJ wrote: »

You are taking a risk....in my opinion too big a risk.

A pointless risk and at needless future cost just to go with the broker's misguided advice and the wrong lender.

Horse... water... drink etc.

HappyMJ

Tell you what....get her to get independent legal advice. I can pretty much guarantee the advice she'll get is not to go ahead with this. You just do not buy a house with someone contributing half the mortgage payments and not be on the mortgage and deeds. She has no security...she's paying back capital as part of the payment she makes to you and yet has no legal claim on that capital at all.

mrginge

My comment was purely about the practicalities of paying the mortgage and nothing to do with whether the mortgage product is appropriate for your circumstances.
I am not a broker and have no relevant knowledge on that subject.

kingstreet

mrginge wrote: »

My comment was purely about the practicalities of paying the mortgage and nothing to do with whether the mortgage product is appropriate for your circumstances.
I am not a broker and have no relevant knowledge on that subject.

FWIW I thought our points were completely different and not mutually exclusive.

Weyoun

kingstreet wrote: »

Quality research then.

kingstreet wrote: »

Still, I've just been a mortgage broker for thirty years, what could I possibly know. As you were, eh.

kingstreet wrote: »

Horse... water... drink etc.

What a lovely attitude. Talk to your clients like that, do you?

You may well have been a mortgage broker for thirty years, but please do bear in mind that not everyone else has; not everyone has your decades of experience and expertise on the subject.

That's me done, folks. To those who answered my question, thank you.

mrginge

What an utterly bizarre response to someone who points out that what you're planning to do may not be necessary or the best solution for your circumstances.

kingstreet

Weyoun wrote: »

You may well have been a mortgage broker for thirty years, but please do bear in mind that not everyone else has; not everyone has your decades of experience and expertise on the subject.

Are you referring to yourself, or the broker in whom you've placed your trust who appears to be doing you a disservice?

You're being badly advised and you are sitting with your eyes closed, fingers in your ears trying not to listen when people are trying to explain that.

You seem more offended by me pointing this out to you than what is actually happening. I would not have been quite so "pointed" in my comments if you had gone direct to a lender as I would indeed have not then expected you to be aware of the situation and the possibilities elsewhere.

getmore4less

Weyoun wrote: »

A mortgage advisor picked it for us, after being informed of our circumstances.

The advisor picked a lender that did not accommodate your circumstances.

Ask them WHY.


What mortgage are they recommending.

Hope it's not one that has any ERC's as one of your requirements is to change mortgage very quickly once the other house is sold.

Why go through two lots of fees when you don't have to?