DP and I want to buy a property together soon. Currently we live in my flat and he pays towards the bills. I have approx 30k equity in the flat.
DP had around 80k saved for a deposit and our original plan was to buy jointly with a deed of trust protecting our separate share of deposit with a mortgage for the remainder. However he has recently been lucky enough to be gifted a significant sum of inheritance, around £500k, which would allow us to live mortgage free.
This has raised a few questions as to the best way forward. We still want to live together but I also still want to build up an asset as I won’t be paying into a mortgage if we live mortgage free.
1 - We jointly buy a property of higher value allowing us to take out a small mortgage and ‘contribute’
The relative gifting the money has stipulated it can only be used to buy a house.
2 - I keep my flat as investment and let this - although I’m a little shy of 25% equity for a BTL I can get consent to let in the short term.
If scenario 2, presumably this would mean DP buying the property in his own name which I’m worried will make me feel ‘less’ of a right to live there, have decisions on decor etc.
Or 3 - I sell my property, use the cash towards the new and then use the money I would have paid into a mortgage and put it in savings eg a LISA.
We are both in our late twenties with a joint income of around £80k so could take on a mortgage relatively easily.
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Buying property with DP - uneven deposits, advice needed
34 replies
Catseyes5 · 15/08/2020 07:56
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