Mortgage Advice Needed!

donlste

Hi Guys,

I'm after some advice, and wondering if any of you lovely people would be able to help?

My Husband and I are looking at buying a new property this year, however the area I would appreciate some advice on is whatever the value of the property, he will be putting half of the value down as the deposit, and taking a mortgage out on the other half, to which I will be covering the payment of each month.

The reason for me not taking the mortgage out is because I still have a few issues on my credit file from a while back which will impact me in getting a mortgage.

Now I know the issue with doing this is that I would have no legal right on the house should anything happen between us as it would stand.

Considering I'll effectively be paying for half of the property, I don't want to be in a situation if something was to happen between us in years to come and I have no legal right to the house.

Is there any way we could get around this to ensure I would get back what I've paid into the property?

Of course I'm hoping it would never come to this, but I'm just trying to be practical.


Many thanks

ACG

With a 50% deposit, you could do a joint Mortgage. Things would have to be very bad to not get a Mortgage with that level of deposit.

But you need to discuss your concerns with a solicitor to see what they suggest.

Thrugelmir

donlste wrote: »

he will be putting half of the value down as the deposit, and taking a mortgage out on the other half, to which I will be covering the payment of each month.

Can your husband not afford the mortgage in his own right?

Where's the 50% deposit coming from. Are some of these funds yours?

donlste

Hi there,

Many thanks for the response.

Yes, he would be able to afford it, but I don't see it being fair him covering the whole cost of the house. The deposit would be coming from his current property (which is in his name).