Can Partner provide deposit for mortgage that I am taking out in my name.

[Bronte]

OP why don't you save some more and instead of buying furniture use this as part of the deposit. Just curious why do you need to purchase a house if your husband to be already has a house. Also I would have thought that with the way house prices were going stamp duty would be getting more affordable?

 

[Dreamerb]

Bottom line, I still think it would be difficult to prove evasion on the basis of the intended living arrangements of two non related people.

I give up. Just remember that if this is something you ever try to do yourself, you were warned...

I notice that the wording of the gift arrangement is based on the 2008 finance act coming in to force on 31/01/2008, is there anywhere the previous wording can be found?

Try looking at whatever Finance Act provision was replaced by the current wording.

 

[brokeagain]

OP why don't you save some more and instead of buying furniture use this as part of the deposit. Just curious why do you need to purchase a house if your husband to be already has a house. Also I would have thought that with the way house prices were going stamp duty would be getting more affordable?

I am saving on an ongoing basis but it takes a long time to save approx 20k!

Hubby to be owns a house but it is not convenient for us for work.

I wouldn't call 10+K affordable for stamp duty. I is a lot if you don't have it or are trying to raise it!

BTW..can stamp duty be included in mortgage or does it have to be paid like a deposit??

 

[moneyhoney]

I am saving on an ongoing basis but it takes a long time to save approx 20k!

It certainly does......lots of people put off trading up for this reason.

Hubby to be owns a house but it is not convenient for us for work.

Would you consider selling his house/re-mortgaging to raise some cash from it? Just an idea....

BTW..can stamp duty be included in mortgage or does it have to be paid like a deposit??

No - have to pay up-front.

 

[brokeagain]

Would you consider selling his house/re-mortgaging to raise some cash from it? Just an idea....

Houses are ot selling in the area at the moment. The market is flooded with 3 bed semi's.

I don't think that remortgaging would be a goo idea as that would spread the 20k required out over the term of the mortgage.

 

[moneyhoney]

Houses are ot selling in the area at the moment. The market is flooded with 3 bed semi's.

I don't think that remortgaging would be a goo idea as that would spread the 20k required out over the term of the mortgage.

Not always - you could pay off the €20k in a shorter time - maybe 5 years or so.....when you re-mortgage some lenders will allow you to pay off the top up amount faster than the original mortgage term.

 

[brokeagain]

Not always - you could pay off the €20k in a shorter time - maybe 5 years or so.....when you re-mortgage some lenders will allow you to pay off the top up amount faster than the original mortgage term.

Another proble with remortgaing is that the house price has dropped so there would not be any equity to release.

 

[moneyhoney]

I'm just wondering if you have really thought this through? Let me see if I have this straight.

You want to buy a house becuase the location of your fiance's house doesn't suit for work.
Your fiance's house is in negative/no equity.
Your fiance is going to take out a loan to give you money for a deposit so you can buy a house & avoud stamp duty. (Won't go into tax implications of this as well versed already!)

Sorry but this seems like a crazy idea. Your fiance has a mortgage already to pay and you say he has no rental income. He plans to get a loan to give you the deposit, thereby putting himself in more debt? If he had the cash that's one thing......by him borrowing money for deposit, you'll be borrowing a very high % of purchase price. It might be an unpopular opinion, but there's a reason why banks are stricter on LTVs than in the past....

Can you not continue renting (which I assume you are doing), keep saving & get the money for the stamp duty and deposit together, then buy a house together - using both incomes for repayments?? It's above board & would give you more wriggle room. If you say this house is in your name only & you only will make repayments - what happens if you give up work for a while? Will you be able to afford on your own?

 

[brokeagain]

Maybe you are right.

I think the 'Rent to Buy' scheme is prob the best option for us at the moment. At least the rent money goes towards final price of house and can act as a deposit if necessary.

Looking further down the line is something I hadn't really thought about but Iguess you have a point.

Thanks for the heads up!