Hi, myself and my partner are looking to buy a house together. He has sold his own house (bought before we met) and has a cash lump sum to put towards a new house for both of us. We will have to top up that cash amount with a mortgage (probably only up to €180k) as the lump sum won’t cover a house in the area we want to buy.
My partner does not want to be saddled with another mortgage. He feels that as he is contributing the lump sum that I should pay the mortgage myself as my contribution. I have enquired from a “friend of a friend” who used to work in mortgages and they have said that in this scenario, the mortgage would have to be taken out jointly as I would not be allowed take out a mortgage solely in my name for a portion of a property ie if the house is to be in joint names then the mortgage has to be also.
Hypothetically if this was to happen with him providing the lump sum (which will be more than the amount of the mortgage) and me paying the mortgage amount of the balance-how does this work with regards to ownership of the house? Obviously he would have a bigger stake in it than me. Do we get some sort of agreement drawn up to say if we ever split and the house was sold that he would get X amount and I would get Y? Just trying to find out a bit of info on this before we start searching. Thanks.
My partner does not want to be saddled with another mortgage. He feels that as he is contributing the lump sum that I should pay the mortgage myself as my contribution. I have enquired from a “friend of a friend” who used to work in mortgages and they have said that in this scenario, the mortgage would have to be taken out jointly as I would not be allowed take out a mortgage solely in my name for a portion of a property ie if the house is to be in joint names then the mortgage has to be also.
Hypothetically if this was to happen with him providing the lump sum (which will be more than the amount of the mortgage) and me paying the mortgage amount of the balance-how does this work with regards to ownership of the house? Obviously he would have a bigger stake in it than me. Do we get some sort of agreement drawn up to say if we ever split and the house was sold that he would get X amount and I would get Y? Just trying to find out a bit of info on this before we start searching. Thanks.