Self build question

A

Apollo

Registered User
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Hi guys,

A friend of mine is building a house that her partner was gifted.

However he has only been self employed for 2 months & the main lenders seem unwilling to fund the building costs - 100k - and therefore she is going to submit her own income, circe 33k pa, and apply for the loan in her own name.

However she isn't named on the title of the land as it was gifted to her partner & he won't be named on the mortgage as they won't work off his income.


Is there a 2 on mortgage 1
 
I'm not sure what you mean by a 2 on 1 mortgage. It will not be possible for her to get a mortgage on a property which does not belong to her.The site would need to be transferred into joint names to proceed with this option.
 
Cheers Madilla,

I guess what I'm trying to say is how would the deal have to be structured?

The land is in my friends partners name but it looks like the mortgage will have to be in her name as they seem to be unwilling to work off of his income as he is only 2 months self employed.

Will she have to go on the title of the land as well for the deal to be secured & also will he have to go on the mortgage to make it happen?

cheers
 
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