Buying into partners house plus equity

north23

Hi
I’m trying to understand how easy this is and whether it’s just a matter of getting the mortgage for a specific amount and involving solicitors for legal stuff.
I’m currently living with partner and they own the house but have a very small mortgage on this.
I would like to buy a percentage of the house which would cover the mortgage (as it’s only 10%) but also give extra money to allow them to purchase another property for renting.
For example.
The house is worth 400k and the mortgage left is 100k. If we agree on 50% the I would take the remainder of the mortgage and mortgage for an additional 100k so I would have a mortgage of 200k.
The excess would then be paid to my partner for them to do with it as they wish.

Is this relatively straight forward and something that can be done?
Thanks in advance

[Deleted User]

north23 wrote: »

Hi
I’m trying to understand how easy this is and whether it’s just a matter of getting the mortgage for a specific amount and involving solicitors for legal stuff.
I’m currently living with partner and they own the house but have a very small mortgage on this.
I would like to buy a percentage of the house which would cover the mortgage (as it’s only 10%) but also give extra money to allow them to purchase another property for renting.
For example.
The house is worth 400k and the mortgage left is 100k. If we agree on 50% the I would take the remainder of the mortgage and mortgage for an additional 100k so I would have a mortgage of 200k.
The excess would then be paid to my partner for them to do with it as they wish.

Is this relatively straight forward and something that can be done?
Thanks in advance

I don't think you can get a mortgage to just buy part of a property. If you were to default on the mortgage the lender would want to know that they can recover their money which is difficult if someone else not party to the mortgage can prevent the sale.

However, I think at least one lender might do a mortgage where you are both named on the mortgage but where only you are legally liable for the debt and you both own a beneficial interest in the property but don't quote me on that. It's definitely not straightforward and something you may wish to engage a broker to help with.

It might be more straightforward for your partner to keep the property in his/her own name as it is now and for you to purchase an investment property or invest your money using some other vehicle.