Partner not a first time buyer but I am

DigbyDale20

Hello Ladies & Gents
First time posting on here so please forgive any mistakes!
So here it goes...

Myself and my partner live with his Mum at the moment. A few years ago when his parents got divorced and his dad moved out, my partners name was put on the morgage along side his Mums which remained from the divorce.

Now the morgage on the property is due to be paid off in the next 5 -6 years. However, me and my partner have decided nobody really wants to live with their Mum for the entire life/relationship span.

We have agreed to start saving for a deposit for a house in the meantime whilst we wait for his current mortgage to be paid off. Now not to jump down anyones throat but let's skip past the whole help to buy ISA account I could have signed up for but didn't

Given the above can anybody advise the best way to go about having a savings account together? We have seen several things online such as a lifetime ISA but we ideally wanted to be paying into one account.

We are essentially both first time buyers from a personal sense meaning we have never saved a deposit and actually purchased a property from scratch since his name was put on the morgage later down the line (he makes 50% payment of it by the way).

What is the best way for us to save for morgage such as the best savings account etc. We want the morgage in both our names when we purchase a property but ultimately, we are lossed and have very limited knowledge of this.

Is there an account more suitable for a first time buyer and a separate account for someone who already owns a property or an account for which we can have joint?

I hope the above makes some sense and I would really appreciate anyones advice or thoughts

AdrianC

Duplicate thread - https://forums.moneysavingexpert.com/discussion/6091046/parter-not-a-first-time-buyer-but-i-am

DigbyDale20 wrote: »

Myself and my partner live with his Mum at the moment. A few years ago when his parents got divorced and his dad moved out, my partners name was put on the morgage along side his Mums which remained from the divorce.

It's unlikely his name was just "on the mortgage" - he's almost certainly joint owner.

Now the morgage on the property is due to be paid off in the next 5 -6 years. However, me and my partner have decided nobody really wants to live with their Mum for the entire life/relationship span.

How will that lender view one of the joint owners/borrowers not being resident?

Given the above can anybody advise the best way to go about having a savings account together?

There are certain government incentivised ways to save - and an ISA, of course, means no tax on the interest - but you can save in any ol' joint savings account. Those incentive accounts apart, you're literally just saving money together...

We are essentially both first time buyers

Nope, he isn't. He already part-owns a property.
Not only does that mean no FTB incentives for him, but it means +3% on the SDLT.

It may also affect his mortgage affordability - certainly until the other mortgage is paid off.

DigbyDale20

"We are essentially both first time buyers from a personal sense!" ... Meaning we have no knowledge of how buying a property works. Of course I meant joint owner, are you just gonna pick everything apart? Its obvious I do not know the ins and outs of a morgage or the correct terms to use. Your answer was somewhat helpful and slightly patronising but thank you for taking the time to answer

xylophone

You can have a LISA (assuming that you are under 40) and you can have a joint account with your partner.

https://www.moneyadviceservice.org.uk/en/articles/lifetime-isa-faq

The best cash LISA rate is currently offered by Moneybox (1.4%).

Other savings

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html