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 on title or vice versa?
Does anyone know how this deal will have to be structured?
cheers
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 on title or vice versa?
Does anyone know how this deal will have to be structured?
cheers