Buying A House With A Partner

Whether you are married or in a long term relationship and wanting to purchase a property with your partner, you can purchase a house together with a joint mortgage. A joint mortgage is a long term loan agreement, in which both parties borrow the money to purchase a property, both parties will have joint ownership of the house in which they purchase with the mortgage.

First Choice Finance can help you and your partner purchase a property, offering qualified mortgage advice and finding a great deal from our panel of lenders, as a joint mortgage has two borrowers this often allows you to borrow more than if you were purchasing a property on your own.

Mortgage Help For New Couples First Time Buyers

If this is the first time you and your partner have bought a property the following notes aim to help by indicating key stages for you :

First Steps To Your Mortgage
First Choice Finance will send you a key facts illustration which indicates the mortgage amount you want together with the fees associated with the mortgage. You will also have an application form and you can get an `approval in principle` if you wish by following the steps outlined in your quotation letter from us.

With First Choice Finance everything can be arranged by post and telephone for your convenience.

Decide On Your Home
If you have already identified the property you want, then you might wish to make an offer (ie. to the seller or his estate agent) for the property, but make sure you are not bound by the offer before your mortgage is arranged.

Processing Your Mortgage
Once we have your mortgage enquiry form and details of your home we can start to process your mortgage. Processing includes :

• Making a search of your credit history.
• Carrying out a valuation of the property you have chosen.
• Confirming some of the information you have given in your enquiry form.

A First Choice Mortgage Advisor will liaise with you throughout the processing to keep you informed.

Receiving Your Mortgage "Offer"

The mortgage `offer` is the official document which sets down the basis for the agreement between you and the lender for your mortgage.

Following satisfactory processing of your application you will receive the `offer` document. This will give full details of the mortgage you want. You can accept the offer by signing the document and returning it ready for release of the funds you need to purchase your home.

The Legal Process
Once you have your `offer` document the legal process of `conveyancing` can start. You can choose your own solicitor or we can suggest one for you.

The solicitor will make a search of various records to investigate the `title` of the property. In other words, he will confirm that the person selling the property has the right to do so and that there is nothing which would inhibit the sale.
B Signing The Contract
The solicitor will draw up a contract to buy the property in your name at the agreed price and with any agreed fittings etc. You and the person selling the property sign the contract. The solicitor will also agree a completion date with you (ie. the date the property becomes yours). You will also need buildings insurance for you and your partners new home to take effect from the date you sign the contract. You can arrange your buildings insurance with the insurer of your choice.
The Completion Date
The solicitor will ensure that the mortgage deed (ie. the formal mortgage contract) and the funds from the mortgage lender and any money required from you as a deposit for the house are all in place for the date of completion.

You can have your documents sent by post for signing. Your solicitor will also advise you or explain documents to you as you require.

Stamp duty may be payable on the purchase of your property on completion day.

First Choice Finance will liaise with the solicitor throughout each stage.

Things to Think About

1. Make sure you and your partner can afford to meet the mortgage payments - remember your home may be repossessed if you do not to keep up repayments on your mortgage.

2. Don`t commit yourself in writing to a property before you get your mortgage.

3. The property you choose needs to be valued to ensure it is worth the amount you are paying for it. To get a mortgage a basic valuation is required, the valuer assesses its market value, its value for insurance purposes and any essential repairs he spots.

However in this basic valuation the valuer does not carry out a rigorous inspection of all parts of the property and although he will try to find any defects you have no `comeback` if he misses anything.

If you feel after looking at the property yourself that there is a need for a more complete inspection then you can choose a `homebuyer`s report` instead of the basic valuation. This type of survey gives a basic valuation (as before) plus more inspection and a better chance that any defects will be spotted although there is little `comeback` if anything is missed.

For maximum peace of mind you could have a `full structural survey` which is a basic valuation plus a thorough and complete inspection of the property by a professional surveyor or architect. If such surveys miss defects you have some `comeback`.

The relative costs of the three types of valuation vary but as a guide, your quotation shows the precise cost of a basic valuation. A `homebuyers report` would be around twice that cost and a full structural survey around 4 to 5 times that cost.

4. During the course of your mortgage completion you will receive a series of formal documents to sign - the mortgage offer, the contract to buy the property and the mortgage deed. Make sure you understand them before you sign and ask if you need any explanations.

Buying a property is one of the most important things we do in our lives and with the right help it can be a straight forward process.

Homeowner Secured Loans 9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE) First Choice are tied to certain unsecured lenders.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on immovable property.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.