Part mortgage paid by partner from loan

S

Snowblaze

Registered User
Messages
18
If I received a mortgage loan of 80% and my partner, who will not be named on the mortgage takes out a credit union loan for the remainder, is there tax implications for me now or in the future.
 
I'm pretty sure no bank will offer you a mortgage based on what you have said.

You are effectively looking to borrow 100% of the property value which is no longer possible.

The bank will look for confirmation of the source of your funds and will quickly realize that it is coming from a loan in your partners name.

It would also be madness for your partner (I'm assuming unmarried) to give you 20% of the property value if they are not legally an owner of the property.

If your situation is a bit non-standard then you should use a mortgage broker who can help guide you towards the right lender for your situation
 
I have been offered a loan & the provider is aware I'm getting the balance from my partner who has a house in his own name & does not want to be named under this mortgage. I just need to know how I'm affected tax wise?
 
Will your partner be loaning or gifting you this 20%?

How much is the 20% in cash terms?

Are you likely to marry either soon or ever?


You’ll get a better answer if you give more detail.
 

I'm going to guess that the lender is unaware that the partner is themselves borrowing the 20%. As the partner is not on the mortgage application, the lender doesn't have the ability to run credit checks on them.
 
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