Struggling to get my head around the best way to do this. I own a house worth roughly £200,000 with a £60,000 mortgage. My partner and I were looking to move and buy somewhere together but can't find anything so we'd like to stay in my house.
Partner has £20,000 that he'd like to invest in the property. We'd then like the remaining mortgage to be in both our names, and borrow an additional £30,000 to do some home improvements.
Need to then draw up an agreement to say who owns what percentage? Or maybe protect our initial money (so if we were to split and sell, he'd get his 20 back, I'd get my 140 equity back and then any additional profit be split 50/50?)
Would we pay off 20k from my mortgage then borrow 30k between us?
Do we use the 20k for improvements and just borrow 10k, add him to the mortgage and I'm 'giving' him part of the house because he's using his money to add value? And would that come from my current equity?
I hope I've explained this properly, I've spoken to my current mortgage provider and they weren't much help, just wanted figures. Maybe we need to just speak to an independent advisor?