Dear Property Doctors,
My boyfriend and I have been saving up to buy our first home together.
A few years ago, my boyfriend's mother wanted to give her children some money, so she bought a flat in her childrens' names. This means that my boyfriend does not qualify for the first-time buyer's stamp duty exemption.
We therefore want to buy the property in my name only, but naturally we want to be able to get a mortgage based on our combined income. Is there a way to do this?
There certainly is a way to do this, it is known as a Joint Borrower, Sole Proprietor mortgage.
This would take both of your incomes into consideration with relation to affordability, however there would only be one person named on the deeds. This would mitigate the stamp duty tax liability.
Many mainstream lenders are now providing this option for other buyers in your situation and it doesn’t necessarily increase the cost of repayments.
In the first instance, I would speak to a mortgage broker so that they can further explain this type of mortgage to you and assess your level of lending.
As always, I would strongly suggest that you both seek legal advice, as your boyfriend would not be deemed a legal owner of the property, so you need to understand your rights.
Becky Fatemi runs Rokstone Properties in Marylebone, London (rokstone.com)
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