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Hi,
I would like some advice. I am going to be purchasing a property with my girlfriend, its my first home and she is selling her first home to buy this with myself. I have a bad credit score so unable to come onto the mortgage, if I did come on the mortgage it would give us a bad interest rate. My girlfriend has the mortgage accepted and is able to purchase it herself, however I cannot come on the deeds. My girlfriend is purchasing alone with my deposit contribution and monthly payments for mortgage. I am however contributing towards the deposit of the property 20k to a 50k total deposit. We will also split the mortgage 50% each.
I was told I cannot deposit the 20k directly to my girlfriend or it could be then taxed and so I will deposit it to her sister and she will "gift" it to my girlfriend. It shows I have no stake in the property.
Now on the worse case as we are unmarried if our relationship goes south what protection or assurance can I put in place to make sure I get my money or the state doesn't discard my contribution? Thank you,
I would like some advice. I am going to be purchasing a property with my girlfriend, its my first home and she is selling her first home to buy this with myself. I have a bad credit score so unable to come onto the mortgage, if I did come on the mortgage it would give us a bad interest rate. My girlfriend has the mortgage accepted and is able to purchase it herself, however I cannot come on the deeds. My girlfriend is purchasing alone with my deposit contribution and monthly payments for mortgage. I am however contributing towards the deposit of the property 20k to a 50k total deposit. We will also split the mortgage 50% each.
I was told I cannot deposit the 20k directly to my girlfriend or it could be then taxed and so I will deposit it to her sister and she will "gift" it to my girlfriend. It shows I have no stake in the property.
Now on the worse case as we are unmarried if our relationship goes south what protection or assurance can I put in place to make sure I get my money or the state doesn't discard my contribution? Thank you,
