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samtheman

Joint Mortgage - Partner With No Deposit

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I am looking to purchase a property and have enough in terms of savings to put down a 25% deposit fairly comfortably:

I'm in my 30s and have been saving for so long that my deposit is double what I initially thought I would have by the time I would get round to purchasing.

I am mostly concerned about monthly payments and my partner would like to be on the mortgage (which I find absolutely fair). She has only recently started working and has virtually no savings so this would be a very "unbalanced" morgage in the sense that I would be providing the entiretey of the deposit.

I would expect to be liable for any loss on the property if we sold soon after and at a loss, which I am fairly ok with.

In terms of ownership, I think we'd be looking at a 75/25 split so her mortgage payments would need to be 1/3 of monthly mortgage payments.

Assuming we get a solicitor to draw up that agreement, do you foresee any issues when approaching lenders? Until recently, I had only been looking for a sole mortgage so need a bit of info.

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As far as lender are concerned you would be jointly liable, they couldnt care less what percentage you each agree to pay, if one of you fails to make a payment the other is jointly and equally liable.

Similarly if you get divorced or split up in the future, don't think her lawyer wont be after 50% or more.

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Sounds like you are not ready to buy together, I would rent for another couple of years and see how that works out.

In our house there is one account. Money goes in from both of us and the bill go out. It's very simple - share and share alike.

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Sounds like you are not ready to buy together, I would rent for another couple of years and see how that works out.

In our house there is one account. Money goes in from both of us and the bill go out. It's very simple - share and share alike.

+1

You're better off renting for the next few years. If you're (we're) lucky, house prices may be a lot cheaper too by then.

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+1

You're better off renting for the next few years. If you're (we're) lucky, house prices may be a lot cheaper too by then.

An old saying, all Women are whores. Would she be so keen on a joint mortgage if the roles where reversed? I would suggest she gets a personal loan for her half of the deposit and see how that goes down.

My advice, get the mortgage in your name only, don't marry her and suggest she moves into your place and lives rent free, but she covers the bills and food. Then if she ever decides to leave you, you can just tell her to get the ****** out of YOUR house.

M

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Sounds like you are not ready to buy together, I would rent for another couple of years and see how that works out.

In our house there is one account. Money goes in from both of us and the bill go out. It's very simple - share and share alike.

Agree to the first bit. My missus has had long spells of unemployment and illness. The house, which I bought outright with my savings, is ours - split down the middle. Might as well as that's probably what would happen if we got divorced anyhow.

It's a shame that high house prices have to take the romance and fun out of setting up home together.

Shared account? Sadly, the missus would likely go on the occasional spending binge, drain it dry and the house would be filled with even more junk than we have already. She gets an allowance and maintains control of her own financial affairs while I make sure all of the bills are paid and we have something put aside for the bad times.

Shared accounts only work if you have similar financial philosophies I think. Broadly speaking people seem to fall into two groups; those who are able to save/stay within their limits and those who spend up to the max no matter how much they earn. It's probably an evolutionary thing as you can imagine both strategies working in different situations.

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