Advice needed asap

[indebtedgal]

Just over a year ago my bf bought a house for both of us to live in. the arrangement was/is that if after 12 months if the arrangement worked out i would get a mortgage to buy in on the house for half of what was originally paid. This is now what i want to do. how will i/we go about doing this. can i get a mortgage on my own for half the value or what happens in this situation.. selling original house and buying new one between us is not on the cards.. i need to get the ball rolling on this so any advice greatly appreciated...

 

[pc7]

probably talk to his solicitor and bank to see about amending mortgage/deeds etc best to get the right advice - or just get married then its the family home

 

[ClubMan]

Advice needed asap

 

[indebtedgal]

thanks pc7! don't think i'll be going down that road... i'd just really like to know what my possible options are before i go to the professionals

 

[PM1234]

Your boyfriend needs to contact the lender to obtain their authorisation for you to go on the title deeds. If they agree its a matter of (him) contacting his solicitor to have the title tranferred into your joint names.

You both need to get professional advice from the solicitor as to how the property will be split eg. 2/3 and 1/3 or 50/50 etc. As your boyfriend has already put the funds in place and presumably used his own money for the deposit/legal fees and maybe even the repayments - you will need an agreement in place as to what happens if you split up.

The lender may also want you on the mortgage application as well as the title deeds. Are you eligible for a mortgage?

First off your boyfriend will need to contact his lender and if they consent, then make an appointment with his solicitor.

 

[pc7]

pm1234 could they both get mortgage tax relief then (might save a few bob)??
I'd make a will too when its changed too just to protect yourselves, but solicitors will know what's needed. Best of luck

 

[indebtedgal]

thanks for all that, i'll print it down and discuss with him.. i have had issues with credit in the past but thankfully per the icb credit report i requested all is fine now. however i would like to see if i could qualify for the funds 1st before we start approaching his people. in this instance would it be wise for me to speak to a mortgage advisor in relation to a mortage application,(i'm just slightly nervous that i won't get it). His mortgage is with PTSB. Would i have to go with them also ie in a joint mortgage? Sorry about all the questions, i'm clueless and need to gather as much info as possible?

 

[PM1234]

You don't need to go with any one lender but you both will have to go with the same one and on the same application.

If your ICB report is clear and you are eligible (taking into account any current loans/cc debt etc) it might not be any harm talking to a broker to see what are the best available rates.

If he makes a phonecall to the current lender they should be able to give him an answer in a relatively short timeframe but they will require your details. Worth remembering if your boyfriend is currently on a fixed rate it might cost him to break out of this so this needs to be taken into consideration too.