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  • FIRST POST
    • joeypesci
    • By joeypesci 28th Nov 17, 8:15 PM
    • 498Posts
    • 180Thanks
    joeypesci
    Advice needed
    • #1
    • 28th Nov 17, 8:15 PM
    Advice needed 28th Nov 17 at 8:15 PM
    So its finally time to buy a flat. Long time coming but then its taken a long time to get a deposit.

    The current situation is I'm 41 and my partner is 29. She is in full time employment and I'm not.

    I've lived with my parents in a bid to save lots of money. We had the idea that my partner would get a mortgage and then I'd chip in 30k for the deposit. However, because of my age and lack of a job we thought it a good idea not to put me on the mortgage.

    I've asked a conveyancer friend regarding this and she said I could "gift" the 30k but then I'm not protected. The other option might be a joint-proprietor but sole mortgage but she's not sure if we'd be able to do that either.

    Anyway. Just asking on here as well as getting in touch with finance advisors if anyone has other options?
Page 1
    • amateur house
    • By amateur house 28th Nov 17, 8:40 PM
    • 260 Posts
    • 219 Thanks
    amateur house
    • #2
    • 28th Nov 17, 8:40 PM
    • #2
    • 28th Nov 17, 8:40 PM
    How long is the mortgage term going to be? If it's the usual 25 years your age shouldn't be a problem, you will only be 66 so still under retirement age when the mortgage ends. I'm not sure about the lack of a job, but don't think it can be that unusual to have one of a couple not working when a mortgage is taken out. There are quite a few mortgage brokers on this site so someone with more knowledge than me will no doubt be along to advise soon.
    • ReadingTim
    • By ReadingTim 29th Nov 17, 11:36 AM
    • 2,652 Posts
    • 3,784 Thanks
    ReadingTim
    • #3
    • 29th Nov 17, 11:36 AM
    • #3
    • 29th Nov 17, 11:36 AM
    Getting married might be an option - if you're thinking of buying a property together then mortgages last longer than many marriages do...!

    To be honest though, I'd be putting my energies into securing full time employment - it'll give you a wider range of options, property-wise too.
    • aneary
    • By aneary 29th Nov 17, 11:39 AM
    • 887 Posts
    • 836 Thanks
    aneary
    • #4
    • 29th Nov 17, 11:39 AM
    • #4
    • 29th Nov 17, 11:39 AM
    I'm cynical but was it 'we thought it a good idea not to put me on the mortgage.' or she thought it a good idea not to put me on the mortgage.
    • getmore4less
    • By getmore4less 29th Nov 17, 11:47 AM
    • 32,035 Posts
    • 19,222 Thanks
    getmore4less
    • #5
    • 29th Nov 17, 11:47 AM
    • #5
    • 29th Nov 17, 11:47 AM
    To be honest though, I'd be putting my energies into securing full time employment - it'll give you a wider range of options, property-wise too.
    Originally posted by ReadingTim
    Unless your also looking for jobs in a very narrow area you won't know where you need to live yet.
    • TBagpuss
    • By TBagpuss 29th Nov 17, 12:35 PM
    • 6,487 Posts
    • 8,414 Thanks
    TBagpuss
    • #6
    • 29th Nov 17, 12:35 PM
    • #6
    • 29th Nov 17, 12:35 PM
    I'd suggest that you speak to an independent mortgage advisor and see what your options are. How much can you borrow jointly, and hpow much can you borrow as a couple.

    If you are working part tim then it is likely that your joint mortgage capacity will be more than or equal to her capacity in her own right.

    Even if she applies for a mortgage in her own right, she would, I think, have to declare that you would be living together and they may treat you as her dependent, in which case it may affect her mortgage capacity even if you are not on the mortgage.

    If the property and mortgage were in her sole name you and she could then enter into a declaration of trust that she holds the property on trust for you both, but there is a risk that she might decline to sign it.

    Another option is for her to buy what she can afford without your savings, and for you and she to then buy together once you are in a position to do so - either by adding you to the mortgage and deeds once you have full time work, (and using your savings to reduce the mortgage at that point) or buy moving to a new / larger property at that time, when you can afford it
    • ReadingTim
    • By ReadingTim 29th Nov 17, 2:53 PM
    • 2,652 Posts
    • 3,784 Thanks
    ReadingTim
    • #7
    • 29th Nov 17, 2:53 PM
    • #7
    • 29th Nov 17, 2:53 PM
    How is that mortgage fraud? There was a letter from his aunty who had died stating it was his, and my mother in law, as it was kept in her bank account until we bought a house, had to state the same.

    I have reported your comment, as I do not appreciate false accusations
    Originally posted by elliemet23
    It's technically mortgage fraud if the lender tells the mortgage provider that the sum is a gift, but has a private arrangement with the borrower which makes it clear it's not a gift but a loan. That is what your post suggests the OP does - it's not clear what you yourself have done, although the phrase "no questions asked" usually has murky connotations.

    If you don't like "false accusations" you might like to express your ideas more clearly and coherently, so others don't draw incorrect conclusions from them.
    • Comms69
    • By Comms69 29th Nov 17, 3:02 PM
    • 2,970 Posts
    • 2,938 Thanks
    Comms69
    • #8
    • 29th Nov 17, 3:02 PM
    • #8
    • 29th Nov 17, 3:02 PM
    How is that mortgage fraud? There was a letter from his aunty who had died stating it was his, and my mother in law, as it was kept in her bank account until we bought a house, had to state the same.

    I have reported your comment, as I do not appreciate false accusations
    Originally posted by elliemet23


    If you claim something is a gift, to get a mortgage, but it's in fact a loan - that is fraud.
    • Ragtimeplayer
    • By Ragtimeplayer 29th Nov 17, 8:32 PM
    • 1,208 Posts
    • 1,259 Thanks
    Ragtimeplayer
    • #9
    • 29th Nov 17, 8:32 PM
    • #9
    • 29th Nov 17, 8:32 PM
    My husband and I have just bought a house this year but I am self employed and didn't have two years accounts to show them, having only been self employed for 18 months. They couldn't take my earnings into account because of this, however, I put a lump sum into the mortgage as my contribution and the bank have no problems with me being on the mortgage.
    Its kind of similar to your query in a way so I can't see why you can't be named on the mortgage if you are contributing a lump sum.
    Stopped smoking Jan 2007 after 23 years!

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    • joeypesci
    • By joeypesci 16th Dec 17, 11:17 AM
    • 498 Posts
    • 180 Thanks
    joeypesci
    Thanks for all the help. Starting a new temp contract for 3 months now so that should help.
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