Hi there, I am buying a house with a member of my family. I am a first time buyer, they are not. Buying on my own I would be eligible for 3% stamp (it's costing 350k). If they were buying on their own it would be 6% for them.
What we are thinking of is getting the house in my name, so we pay the lower rate, then aside from that we can tie up some legals to give the other person a share in the house.
How does this work from the mortgage point of view, like will the bank want to see the deeds in both names? The 2 mortgages will more than likely be coming thru the same bank.