Two on Mortgage Question.

R

RichTheRed

Guest
Hi All,

New here, just a quick question. I am currently in the process of buying a new build property. However my earnings were not enough to cover the mortgage required, so therefore my dad agreed to go on the mortgage. The original plan was to go two on Mortgage and one on the deeds. However one lender has come back requested my dad also goes on the deeds. As it was a new build and under 125m, I didn't factor stamp duty into it. Will this now mean I will have to pay stamp duty on this property? (i.e. it is over the 317,000 mark).
I do intend to live in this house so it will be owner occupied? (or am I looking at this too simply?).
Any feedback would be greatly appreciated.
RichTheRed
 
Most lending institutions will allow two people on the mortgage but only one on the Deed. EBS do as I did this recently. Search other threads. If your lending institution won't do this then move to another who will. Presumably your Dad would not be a first time buyer so as far as I know stamp duty would be payable if he was registered as owner....
 
Parents are allowed to go as co-mortgagor without it affecting your first time buyer status

In your situation most lenders allow 2 on mortgage 1 on title, get your broker to argue your case, otherwise go to a different lender
 
Not sure if you're looking for 100% finance Rich, but if so bear in mind most lenders will only do this if both parties on loan are First Time Buyers. However Permanent TSB will lend with one FTB on the mortgage.

[broken link removed]
 
Thanks for the feedback folks, I am persuing the mortgage via another lender with the hope of just getting the one name on the deed.
Thanks again.
RichTheRed.
 
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