Hi All,
I appreciate if someone could provide an accurate answer to this question for me.
My partner and I are planning on buying our first property 50-50, I am a citizen and my partner temporary resident.
We originally planned on getting a joint loan with 50-50 split but since my partner is planning to get a second property in a few years, she's concerned that joint loan would affect her credit rating negatively as one would be liable for entire loan amount and not their share of the loan only.
this would make it difficult for her to get a second loan.
so, we are considering that I can get the loan by myself and we write a contract between us in which i give her half of the property and she pays me half of the loan by repayment.
I would like to know if this is legally possible to arrange and whether or not it would make a difference in her credit rating. Also, If this is considered her purchasing half of property from me, is she required to pay stamp duty and other fees?
your help is appreciated,
I appreciate if someone could provide an accurate answer to this question for me.
My partner and I are planning on buying our first property 50-50, I am a citizen and my partner temporary resident.
We originally planned on getting a joint loan with 50-50 split but since my partner is planning to get a second property in a few years, she's concerned that joint loan would affect her credit rating negatively as one would be liable for entire loan amount and not their share of the loan only.
this would make it difficult for her to get a second loan.
so, we are considering that I can get the loan by myself and we write a contract between us in which i give her half of the property and she pays me half of the loan by repayment.
I would like to know if this is legally possible to arrange and whether or not it would make a difference in her credit rating. Also, If this is considered her purchasing half of property from me, is she required to pay stamp duty and other fees?
your help is appreciated,
