Protecting interest in a mortgaged property?
Discussion
My partner and I have found a property we would like to buy. It’s a £160,000 flat.
The issue is, I work full time on a full time contract with a salary of £34k a year, a quick mortgage check shows I could borrow around £140k, leaving a shortfall of about £20k
My partner is a full time masters student, but has a large deposit of up to £40k to put towards the property, but this would need to be protected in some way if we broke up.
I currently own a flat which I would sell to move to this other one. The value of which when I bought it 12 months ago was £132,500 of which I used 20% help to buy and put down a 5% deposit. Payments of £430 a month so not sure how much equity if any I have.
Current mortgage is a 3 year fixed with Bank of Ireland which I would like to take with me if possible
Is this even possible and if so how?
The issue is, I work full time on a full time contract with a salary of £34k a year, a quick mortgage check shows I could borrow around £140k, leaving a shortfall of about £20k
My partner is a full time masters student, but has a large deposit of up to £40k to put towards the property, but this would need to be protected in some way if we broke up.
I currently own a flat which I would sell to move to this other one. The value of which when I bought it 12 months ago was £132,500 of which I used 20% help to buy and put down a 5% deposit. Payments of £430 a month so not sure how much equity if any I have.
Current mortgage is a 3 year fixed with Bank of Ireland which I would like to take with me if possible
Is this even possible and if so how?
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