This board has been created to share any money saving ideas, tips and hints. Please contribute your thoughts so everybody can economise on their budgets.. This is NOT a selling site.
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.
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.
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.
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.
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.