Has anyone on here got advice or experience of getting a mortgage under these circumstances?

Guest · Post by **Guest** » Sat Jan 21, 2023 8:11 pm

Long story.. My son has saved a deposit to buy a flat. His gf is from USA and on a 5 yr visa so they can only borrow 75% of money needed.

Has anyone on here got advice or experience of getting a mortgage under these circumstances?

Thanks all..

Laura · Post by **Laura** » Sat Jan 21, 2023 8:11 pm

Advise not to buy a flat they are often leasehold with maintenance charges. Small house would be better. Best for your son to take the mortgage and his sole name, GF can still contribute. 75% is the loan to value so it will be 75% mortgage and 25% deposit.

Kali · Post by **Kali** » Sat Jan 21, 2023 8:11 pm

Can he do it without her and just add her name to the deeds? She doesn't need to be on the loan to be on the property.

Suzanne · Post by **Suzanne** » Sat Jan 21, 2023 8:12 pm

My son did the same.. he married a girl who is on a working visa and after being married she is no longer working.. he applied for a mortgage solely in his name based on his income.

Belinda · Post by **Belinda** » Sat Jan 21, 2023 8:12 pm

I would speak to an independent mortgage advisor.

Rebekah · Post by **Rebekah** » Sat Jan 21, 2023 8:13 pm

Best option, 1. Don't buy a flat, come with umpteen charges costs and liabilities also check for insurance.

2. Could he not save a slightly bigger deposit and buy a house solely in his name (not to say its not true love or any of that) but I'd be dubious buying with a 'non resident, non marital' parter. If a property is purchased (has she contributed to the deposit as you say your son has saved, sorry to assume the worst) dividing the asset can and will be costly and messy 3. Has he looked at help to buy schemes? New build houses with the ability to pay smaller deposits depending on income and circumstances you can get discounts ect.

Realistically depends what they want separately and together.

Ans have they lived together for a long period of time very different staying over to been there constantly (personal experience) getting out of a rental agreement is easier than a house sale.

Either way I hope it works out its a fabulous step to take! Just a cautious step as it's a massive investment.

Christine · Post by **Christine** » Sat Jan 21, 2023 8:13 pm

If you're in a position to do so ' your son could apply for the mortgage in his name and you or a close family member can go as a guarantor - a few companies like virgin offer guarantor mortgages- obviously it involves trust - then in few years time they can remortgage in their own names - I did this with my daughter a few years ago it was the only way she could get a mortgage and within 2 years she moved and got the new mortgage on her own - good luck I hope he gets sorted.

Sharon · Post by **Sharon** » Sat Jan 21, 2023 8:13 pm

We have a trust deed on our owned house. The deed states that any profit on the original purchase amount is to be split equally between my partner but he has no rights to the intital investment and nor do i. We are both on the deeds and liable for anything house but financially we have no claim to the initial purchase price. May be worth looking into.

Victoria · Post by **Victoria** » Sat Jan 21, 2023 8:13 pm

Talk to a mortgage broker.

My advice don't buy a flat as they come with service charges, etc..