Advice on Joint Mortgage

CoyoteDuster

Hi,

My partner and I are looking at buying a house together but we are both coming from very different situations and I would like some advice.

My partner has recently inherited 50% of her parents house (the other 50% owned by her brother). The house is mortgage free and was recently valued at £280,000. Her intention is to sell this house so we can buy together in a new area. So her contribution to a new house would effectively be £140,000.

I am a first-time buyer with £40,000 deposit available. I would like to match my partners investment and would therefore be looking to borrow £100,000. I would be the only person making monthly payments ideally.

Together we would be looking to buy a property for £280,000.

My question is whether:
- I can get a mortgage on my own for £100,000 (+£40,000 deposit) for 50% ownership of a new house or
- I will I need a joint mortgage with my partner for the full £280,000 with my partner bringing the full value of her share of the house as part of the mortgage deposit?

If both options are available, does one have benefits over another?

Thanks in advance.

Thrugelmir

You would require a joint mortage. How you pay the mortgage is a matter between yourselves.

Likewise you can use a deed of trust to protect your respective deposits. Speak to your convancying solicitor regarding have one drawn up at the appropriate time.

xxjaney-melissaxx

You would need a joint mortgage. likenthe person above says I would protect your deposit at least "just in case"