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Mortgage /Title Deeds

Discussion in 'Property Finance' started by macca446, 10th Jan, 2016.

  1. macca446

    macca446 Member

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    Hi All,
    Happy New Year to all,a question I wish to ask is my partner not spouse are looking to buy a PPOR together we have a guide price we wish to spend as she will have approx 350k cash i will have 175k cash and want to know is it possible to have both our names on the title deeds as joint tenants with me only getting the mortgage under my name as I want to borrow the other remaining 175k needed.
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    You are confusing mortgage with loans. It is possible for the legal owner of the property to give a mortgage, but not a non owner. But it is possible for a non owner to be a joint borrower. However if you are not married or defacto it will be difficult to find a lender willing to let your 'partner' on the loan.

    Also consider the legal implications - someone else paying for your property.
     
  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Terry i think they'll both be on the title.

    This is fine, you can be on the loan by yourself but your partner will need to guarantee the loan, as all owners need to be party to they loan in some capacity, either as borrower or guarantor.
     
    BigKahuna likes this.
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I read it wrong. Both on title but one on loan - not possible because both owners need to provide the mortgage. You on loan with a guarantee by her could be possible though.

    But why do you want to do this?

    If it is for tax reasons then don't worry too much as it won't change anything.
     
  5. macca446

    macca446 Member

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    the property will be a 50/50 split thing all her cash she puts in is her half and me only putting in 175k that is why I only want to put mortgage in my name is not tax reasons or anything else just a way I thought we could do it as a fair and mutual thing together.
     
  6. macca446

    macca446 Member

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    Thanks Jess for reply we could do that as it has nothing to do about trust or anything just wish to seperate it on paper.
     
  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I see, but unfortunately as she is an owner she would need to be on the loan or as a guarantor = exposure to risk if you don't pay..
     
  8. channon

    channon Member

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    Hi Terry, would it be possible if the relationship is mother and son (e.g. mother own property in her name only, but mother and son jointly take out a mortgage).
     
  9. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Lenders wouldnt allow son on loan as not owner of property.