Being the owner of the flat but joint owner of mortgage?

jason15300

I originally posted on the Buying and selling a house board however was advised to put the question on this board.




Hi Guys,

I am a cyber security apprentice and recently my current landlord wants me to leave by February 2019 as his girlfriend is moving in. At this point, my Dad and I were planning on buying a 2 bedroom flat for me and giving the other room out for rent. However, we got some advice from a mortgage advice company and since the flat is £150k, I can only borrow £67k on my own. However, if I had to do a joint mortgage ownership with my dad we can borrow up to £145k which is great as we have saved up £15k at the moment.

The issue is as it is joint ownership mortgage apparently I don't get the first time buyer stamp duty wavered off which was what we hoping to get. Is there any way that I can be the sole owner of the flat yet the mortgage is in both our names?

Thanks,

Jason

amnblog

Yes. It is possible with the right lender. Consult a broker.

LRmortgage

Agreed as above. Joint Borrower Sole Proprietor mortgages are possible.

However speak to a Broker, they will know what Lenders are happy with this arrangement.

jason15300

Thanks for the replies, I will call up tomorrow and see whats on offer

peter12345678910

This is a better idea long term as you keep control of the property, as with me I bought 2 buy to let mortgages and now I have fallen out with my dad and it can be a complex headache to say the least and you save money from stamp duty.

Is the flat a leasehold? There may be high service charges every 6 months with a flat but low ground rent. Also council tax is lower in a flat.

davidmcn

peter12345678910 wrote: »

Also council tax is lower in a flat.

There aren't any special council tax rules for flats, I presume you just mean that council tax is lower for cheaper properties?