Cash + Mortgage and shared ownership

WanderingPawn

My wife and I would like to buy a house (as first time buyers).

I have an income from permanent, full-time employment, but limited savings.
My wife is a full-time parent so has no regular income. However, she does have substantial cash savings.
We'd like to buy a house sharing the ownership 50/50. I'd like to get a mortgage for half the asking price, my wife to pay the other half in cash.
Can anyone advise on the best way to do this?

kingstreet

So when you say shared ownership you just mean joint ownership and you want a sole mortgage and both names on the deeds?

This isn't actually a shared ownership property where a Registered Social Landlord will eg own half and you will own the other?

WanderingPawn

No, we'd own the whole house, just, as you put it, there would be a sole mortgage in my name, but both names on the deeds. Is this possible?

kingstreet

There is one lender which has the necessary legal charge which allows more owners than borrowers.

Suggest you research the market and/or speak to a broker for guidance.

BLOW_FLY

I would assume that your wife's share would be form the deposit, SLDT, fees and other variaous associated costs.

You'd have the mortgage to pay on the other 50-60% depending on LTV and her input.

Depending on your income levels and any other outgoings and debts I would think 50-60% LTV should be easily achievable.

All depends on the figures though.

BF

WanderingPawn

Thank you both very much for your advice. I hadn't thought of it as my wife's cash simply forming a larger than average deposit.

I imagine that, as kingstreet advises, I'll still need to speak to a broker and (I guess) a solicitor about this, and the question of names on the deeds. We'd like both names to be on the deeds, but are not sure how the lender will view this.

kingstreet

As I said, if she isn't going to be a party to the mortgage, your lender options for such a case is one.

If she's happy with joint mortgage and ownership, ie 'normality' there will be the usual pool of lender options.