Can anyone explain me to me the difference between a principle and second buyer. I am guessing its not like a joint mortgage in the uk with equal rights. Basically I am being told if i put my wife as the principle buyer the bank will loan us 70 percent mortgage for a condo. But with me putting down the 30 percent deposit i am really a bit unsure if i want to be a second buyer as i am unsure where i would stand legally. After all its me putting all the cash down.