Evening all,
Apologise if this has been covered before but just looking for some guidance, pointers or to hear some ways to go about what I am about to go through.
Myself (24M) and my partner (25F) are in the lucky position that we may buy a house in the next two years or so. But there comes a predicament regarding the deposit/mortgage arrangement.
My partners parents have kindly said they will gift my partner around £200k for help with the deposit for a house. Whereas I had a plan to buy before I am 30 and have just started saving for a house. Therefore have currently less then a grand to put towards it if it were happening today.
We are both in at the start of our careers so both earn less than £30K each and with houses where we live nearer to £500k than not my partner would need myself on the mortgage to buy somewhere near the £350-£400K mark.
Now my first question is, how would we arrange the mortgage when there is such a big (massive) difference in deposit? I have read about Tenants in Common and having a Declaration of Trust and that seems like the path to go down. Is there a way where I could pay more of the mortgage over time to try even out the ownership etc.
Secondly, if my name is not required on the mortgage at all. How should we go about doing that. Should we split the mortgage like we do rent currently and bills 50/50 or should there be more of a solid split of she pays the mortgage (as it's her property) and I cover the bills? Unsure what seems fair.
Thanks for your help.
Edit : minor typo