Deposit in joint account query

lauren_hb

Im looking to potentially buy a house at the end of this year/next year, as it stands I will be the only person on the mortgage.
I have a current deposit amount of 20k my partner also wants to contribute 20k to the deposit.
Now this is a house for our future, we have been together a very long time but are not married, however he won't be on the mortgage as he's currently a family career for his grandparents so no regular income/employment.
Our plan is that i will eventually add him to the mortgage when he gains longterm employment as circumstances allow.
As that is the case from what I've read he cannot gift me the 20k he wants to contribute to the deposit, due to the future interest he will have in the property.
Now we were planning to open a joint account and place both of our current 20k in there so its all in one place for the future and to continue to increase the deposit throughout this year. I also have a help to buy isa as well.
My question is when the time comes to buy can I then use the money in the joint account plus my isa as a deposit with only myself applying for the mortgage or would that not be allowed?
I've searched all over for an answer but cannot find one!
Many thanks in advance!

kingstreet

If it's in a joint account, you'll face the gift issue just as if some of it was in his account.

The only way you avoid this is for it to be in your account for a good few months before you think about buying.

ACG

Your partner not working should not prevent him from going on the Mortgage. It may alter the maximum loan available but if he is receiving an income, even carers allowance it could be possible to use that.

CLAPTON

lauren_hb wrote: »

Im looking to potentially buy a house at the end of this year/next year, as it stands I will be the only person on the mortgage.
I have a current deposit amount of 20k my partner also wants to contribute 20k to the deposit.
Now this is a house for our future, we have been together a very long time but are not married, however he won't be on the mortgage as he's currently a family career for his grandparents so no regular income/employment.
Our plan is that i will eventually add him to the mortgage when he gains longterm employment as circumstances allow.
As that is the case from what I've read he cannot gift me the 20k he wants to contribute to the deposit, due to the future interest he will have in the property.
Now we were planning to open a joint account and place both of our current 20k in there so its all in one place for the future and to continue to increase the deposit throughout this year. I also have a help to buy isa as well.
My question is when the time comes to buy can I then use the money in the joint account plus my isa as a deposit with only myself applying for the mortgage or would that not be allowed?
I've searched all over for an answer but cannot find one!
Many thanks in advance!

no reason why you can't have a joint mortgage
millions of couples (married of not) have joint mortgages and joint ownership where one person isn't in paid work.

lauren_hb

CLAPTON wrote: »

no reason why you can't have a joint mortgage
millions of couples (married of not) have joint mortgages and joint ownership where one person isn't in paid work.

The problem is when I've looked to include him on the mortgage it dramatically brings down the amount of loan we would be allowed by about 30k in comparison to just myself applying which is why we are looking at other options.

Thrugelmir

Both open a HTB ISA that would boost your savings pot.

lauren_hb

kingstreet wrote: »

If it's in a joint account, you'll face the gift issue just as if some of it was in his account.

The only way you avoid this is for it to be in your account for a good few months before you think about buying.

As in if he transferred the 20k into my personal savings account?
If would be more than a few months as looking to organise money now and not buy until the end of the year/beginning of next year.