My partner and I are looking to purchase a flat together in the very near term and have a question we were hoping someone might be able to shed some light on before we approach the bank with our plans.
Our current situation is slightly more complicated than usual as where we are planning to buy in Lithuania (my partner's home country), and I am not a resident/EU national or have any type of living/working visa arrangements there. I should also mention that it's perfectly fine for a foreigner to purchase property in Lithuania.
Our plan is:
- I am paying half the purchase of the property with my own savings.
- She is paying for half of the purchase with 50% savings and 50% mortgage (she has been pre-approved for the amount she needs to borrow)
- Property title in both names etc
My question is are banks open to this type of arrangement? Would they they still lend her the money she needs being that she being that she is only a 50% owner with the other half in a foreigner's name?
We really want to avoid having to transfer my savings into her account or anything like that to purchase the property as she would have to pay tax on it.
She could also take the whole purchase amount on a mortgage, though we don't want to have to repay that amount of interest over 30 years, our current arrangement we can very comfortably pay her small mortgage of in 10 years.
I should also state that we are probably looking to rent the property, taking the small loan size into consideration the property would be positively geared.
I wanted to ask here first before we approach the bank so we don't look like complete mugs going into an appointment.
