Hello
I was hoping to get some valuable advice.
My partner and I are looking to buy sometime this, maybe the tail end of the year due to the direction the property market is currently heading.
At the moment we have a reasonable amount saved - 45K and growing - 20K mine - 25K his so far
His job is stable - public sector (just a paycut!!!!) (36K) while mine is realitively safe for the next couple of years (37K and has 6% increase on the way).
Debts - two car loans nothing excessive that we hope to pay off this year.
Credit Card - only his which is only a couple of hundred.
Looking at properties currently valued at 300K, hope to offer 200K or less at some point.
The only stumbling block is that he currently has another property - apartment (120K still on the mortgage)(It is rented which automatically covers the mortage-we both can not live in it due to proximity from our job locations) (we are bought living at home and would rather buy then rent)
I am just checking to see, i know his FTB status is gone and mine is still there if i buy alone, together we will have to pay stamp duty. I am just checking to see would there be a way that he could hand over his savings to me and therefore have 45K total then the FTB can buy the house and someway recognising me as half owner aswell?
We have been together for the long term and intend to stay together for the long so handing money over will not be a problem.
I was hoping to get some valuable advice.
My partner and I are looking to buy sometime this, maybe the tail end of the year due to the direction the property market is currently heading.
At the moment we have a reasonable amount saved - 45K and growing - 20K mine - 25K his so far
His job is stable - public sector (just a paycut!!!!) (36K) while mine is realitively safe for the next couple of years (37K and has 6% increase on the way).
Debts - two car loans nothing excessive that we hope to pay off this year.
Credit Card - only his which is only a couple of hundred.
Looking at properties currently valued at 300K, hope to offer 200K or less at some point.
The only stumbling block is that he currently has another property - apartment (120K still on the mortgage)(It is rented which automatically covers the mortage-we both can not live in it due to proximity from our job locations) (we are bought living at home and would rather buy then rent)
I am just checking to see, i know his FTB status is gone and mine is still there if i buy alone, together we will have to pay stamp duty. I am just checking to see would there be a way that he could hand over his savings to me and therefore have 45K total then the FTB can buy the house and someway recognising me as half owner aswell?
We have been together for the long term and intend to stay together for the long so handing money over will not be a problem.