Mortgages and partners

HScragg

Hi All,


I'm looking to buy a house in the next few years and have a 30k deposit saved. I would like the mortgage in my own name, as my partner has no savings. However he would still be contributing to the bills - will the bank let me do this? And how does it work in terms of if he has lived with me for 2+ years is he then entitled to half of the house even though his name is not the mortgage?

[Deleted User]

HScragg wrote: »

Hi All,


I'm looking to buy a house in the next few years and have a 30k deposit saved. I would like the mortgage in my own name, as my partner has no savings. However he would still be contributing to the bills - will the bank let me do this? And how does it work in terms of if he has lived with me for 2+ years is he then entitled to half of the house even though his name is not the mortgage?

Contributing towards which bills? Your mortgage? The fact he has no savings is not a reason to exclude him from the mortgage as you could have a Deed of Trust drawn up to protect your deposit.

HScragg

No the household bills. How would it work then with a deed of trust if he couldn't contribute anything towards the deposit?

foxy-stoat

HScragg wrote: »

No the household bills. How would it work then with a deed of trust if he couldn't contribute anything towards the deposit?

Buy it as tenants in common with unequal shares and a Trust Deed that confirms how much money you used as a deposit.

Household or mortgage bills, doesn't really matter as its all money going in and out.

If the relationship is still fairly new and you can buy it yourself then maybe to that, he may need to sign something for the lender that he has no right to stay in the property - but that's just for them to evict you and him if needed. Play it forward 10 years though - you may need his salary to buy a dearer place, if he hasnt been on a mortgage for years building up repayment history it may be harder for you in the future- just a thought.