Hi there
I'm looking for some advice please.
My partner and I (not married,cohabiting) have had an offer accepted on a £100k property which we intend to renovate and sell on. I have £60k in savings to put towards this so he is looking to raise a mortgage for £50k to cover the purchase and works. We will be looking to make £20k on the sale (all being well) so capital gains is not an issue. The issue I do have however is that I want to protect my equity stake. As I already have 3 mortgages (!!) and he does not have one we intended the mortgage going in his name. Is there a way of protecting my equity without having my name on the mortgage? Should he go for a normal mortgage or a buy-to-let mortgage?
Any advice would be gratefully received.
Thanks in advance
Rachael