I'm a first time buyer partner isn't.....advice please

hannahroberts1985

The £11000 is all the money we have saved unfortunately. His other property is a bit of a burden to us his step father put his on the mortgage as an 18 year old as he couldn't get a mortgage alone....my partner hasn't lived there since he was 19 and the step dad has been paying the mortgage sometime defaulting as he doesn't work. It has been paid properly for a while now as DP approached him when we were first talking about saving. The Step dads position is changing never week when he marries and will be marrying someone with another property. We have asked many time for my partner to be off the mortgage but the step dad didn't think he would qualify for the other half of the mortgage alone. Am I right in thinking if my partner was off the mortgage we would then qualify for a help to buy 5% mortgage and also not have to it the higher stamp duty fee? Do you think now the step dad will be married and have another property would change his application for the other £40,000 he needs to buy my partner out? Ugh it's all a bit messy. Money and families ah! Sorry if I'm asking too much just want to be able to do what's best for us to get our home. As for the equity in the property I don't think there is a lot as from what I've on dp's credit file it would seem the dad remortgaged a while back and added some more on DP said he was sent down papers to sign years ago. DP was still young and naeve and hasn't learnt his lesson now don't worry.

amnblog

So now we are saying there are missed mortgage payments on your partners current mortgage.

hannahroberts1985

from over 3 years ago......late payments for about 6 months

Pixie5740

Number75 wrote: »

The SDLT is payable on the house you're buying together, not the one he already owns. So the £80K value isn't relevant.
It's a higher rate of SDLT when you buy a second property. I believe you can claim the extra charge back if you sell the first property within 3 (?) years - but as it's rented to his uncle, doesn't sound like selling is the plan?

The value of the property already owned is relevant. One of the conditions for the higher rate of SDLT is that the purchaser owns a major interest in another dwelling which has a market value of £40k or more. If the property is worth £80k then the OP's DP's share is worth £40k and therefore the higher rate will apply. However, if it was only worth £79k it wouldn't apply as his share would be less than £40k.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/570876/SDLT_Higher_rates_for_additional_properties.pdf

hannahroberts1985

Right thanks.

DP is getting the ball rolling on removing himself from that mortgage it's not benefiting him and causing a halt in our plans. Once that's looking possible I think it'll be time to go visit a broker.

Thank you al for your help x

amnblog

hannahroberts1985 wrote: »

from over 3 years ago......late payments for about 6 months

This is not good news.