Part mortgage paid by partner from loan

[Snowblaze]

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.

 

[_OkGo_]

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

 

[Snowblaze]

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?

 

[Dr Strangelove]

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.

 

[Dave Vanian]

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'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.