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Mortgage Question
jimmy1235
Posts: 2 Newbie
Me and my partner are looking at buying a house together and paying half each. I will be paying half in cash while my partner will be taking out a mortgage.
My question is do I have to or should I be on the mortgage too even though I won't be contributing to it?
Apologies if this has been answered before, I had a quick search but couldn't see anything.
My question is do I have to or should I be on the mortgage too even though I won't be contributing to it?
Apologies if this has been answered before, I had a quick search but couldn't see anything.
0
Comments
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There are not many lenders (I can only think of 1) who will allow 1 applicant but 2 owners. So you may find you have no option but to go on the mortgage if you want to move forward.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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 advice.0
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You need to apply for Mortgage with your partner otherwise your name is not going to be on the deeds. You can do that even if you don't have any earnings.0
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Joint mortgage application.
Joint property ownership.
Then your partner pays the mortgage off. You do trust him and this is a long-term relationship, yes?
Draw up a Deed of Trust just to be safe - your conveyancing solicitor will do this for you.0 -
[FONT=Verdana, sans-serif]Yes you will need a deed of trust which says on a future sale you will get 50% of the gross sale price (less just the costs of sale) and you partner will get what's left less the mortgage outstanding.
[/FONT] [FONT=Verdana, sans-serif]That way your partners net return will be nil to start with but over time as prices increase and they pay off the mortgage they will get more until the day comes when they have paid off the mortgage and you both end up with 50% of sale price.[/FONT]0 -
Thank you for all your replies, we will be both speaking to a solicitor and drawing up a deed of trust when appropriate0
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