Shared deposit - sole name mortgage

kt12man

My partner and I are hoping to buy a house together but due to my age being 56, we are unable to apply for a joint mortgage with a term of 25 years.  My partner will apply in his sole name for 25 years, but we are both contributing a sizeable amount for the deposit. As my name won't be on the mortgage application, should I obtain something in writing to say I have contributed £20k to the deposit?  We have heard that a gift deposit may not be in favour to the lender, and that I would have no future right for the money to be returned.   
He is unhappy and unwilling to have anything in writing, but I'm being guided by friends that it should be documented somewhere. Any further advice would be appreciated!  
Thanks. 

haras_n0sirrah

There are some lenders who go to age 80. Would you consider a 23 year mortgage as a compromise?

kt12man

Thank you - yes, I'd be keen to explore options, we would both ideally like a mortgage in joint names, but over a longer term to keep repayments to a minimum. ( I've been offered a 12 year joint mortgage thus far). 

haras_n0sirrah

You need to speak to a broker. As I say there are lenders who will go to 80 so that seems like the best solution 

Socajam

What stood out from your question is this:
He is unhappy and unwilling to have anything in writing
This is a huge red flag for me and I would hate to see you back here in a couple of months or years asking: How can I  get my money back from the partner.
I would push for mortgage where both names are on the deed of the house, other keep your money, because this is not going to end well - from my reading of above.
If your partner is genuine, he would have no problem having something in writing o safeguard your deposit.  Don't let him fool you by saying  "if you love him, you wold not ask him to put something in writing" - that playing on your emotions.

MalMonroe

kt12man said:

My partner and I are hoping to buy a house together but due to my age being 56, we are unable to apply for a joint mortgage with a term of 25 years.  My partner will apply in his sole name for 25 years, but we are both contributing a sizeable amount for the deposit. As my name won't be on the mortgage application, should I obtain something in writing to say I have contributed £20k to the deposit?  We have heard that a gift deposit may not be in favour to the lender, and that I would have no future right for the money to be returned.   
He is unhappy and unwilling to have anything in writing, but I'm being guided by friends that it should be documented somewhere. Any further advice would be appreciated!  
Thanks. 

Gosh, 56 seems so young to me! I just turned 70 and was hoping to get a 15 year mortgage to share with my daughter. Some brokers can help.

I would NEVER EVER agree to pay half a deposit without having some formal agreement to reflect that. Definitely obtain something legally binding in writing. You could very well regret allowing your partner to be the sole owner of the property if anything happens later on down the line. It's quite worrying - alarm bells ringing - that your partner is unhappy and unwilling to have anything in writing, please DO take note of your friends. 

And also, do consult a mortgage broker - find out your own facts instead of 'hearing' things and being told things. 

I made the big mistake of trusting my husband because oh, we were SO in lurve when we took out our mortgage. 17 years later, he left me and our child to be with someone else - it made a total mess of our finances including the mortgage, which actually was in joint names but if it had been in just his name he could have kicked us out and sold that house. Don't fall for any flim-flam!!

Thrugelmir

Lenders are not going to accept deposits from individuals who are resident in the property but not on the mortgage. That's to do with the lender obtaining vacant posssession should the need ever arise. 

haras_n0sirrah

Speak to a broker. If you dont have one some of us who post here are brokers. We are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help. 
I agree with the above. You need to protect your deposit and while it is not impossible to contribute to the deposit while living in the property the best thing would be to be on the mortgage