We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
helping partner to buy a place.
Options
cybervic
Posts: 598 Forumite
If I own a flat with no mortgage. How do I raise some funds from my flat to help partner buy a place in her name without incur second home stamp duty? (we are not married and she will need a mortgage, and I don't mind my name not appear on deed.)
The background is that we are going to buy together and already have 75%-80% deposit between us, but now wondering if we can buy two smaller flats instead because I contribute to my mum's rent currently, and it makes financial sense to move my mom into one of the flat, if it's doable. It will also save me a lot of travel time as I regularly stay with her 1-3 nights a week.
Perhaps I can:
1. mortgage my flat as BTL and gift the money to my parter? (will my lender question how the money is spent?)
2. take up a joint borrower, sole proprietor mortgage using my flat as a security?
The background is that we are going to buy together and already have 75%-80% deposit between us, but now wondering if we can buy two smaller flats instead because I contribute to my mum's rent currently, and it makes financial sense to move my mom into one of the flat, if it's doable. It will also save me a lot of travel time as I regularly stay with her 1-3 nights a week.
Perhaps I can:
1. mortgage my flat as BTL and gift the money to my parter? (will my lender question how the money is spent?)
2. take up a joint borrower, sole proprietor mortgage using my flat as a security?
0
Comments
-
You could raise a BTL mortgage on the flat, if its rented out.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards