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Principle and second buyer

Discussion in 'Money Matters' started by richey, Mar 10, 2018.

  1. richey
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    richey Member

    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.
  2. Bootsonground
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    Bootsonground Well-Known Member

    If you are married why cant you both be the principle buyers???
  3. richey
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    richey Member

    I have no idea, is that possible?

    What i have been told is that it needs to be done this way for thw purpose of the loan
  4. bigmac
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    bigmac Well-Known Member Trusted Member

    you buy as joint tenants or tenants in common.
    joint tenant means you each put in equal amounts for a deposit.
    tenant in common means you put in unequal amounts--or even one puts in nothing.--like us.

    i bought my present house solely in my name.--after we were married. my solicitor knew i had married.
  5. Markham
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    Markham . Lifetime Member

    Not in the Philippines you don't - there's no such thing as 'tenants in common'.
  6. bigmac
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    bigmac Well-Known Member Trusted Member

    ah--my mistake --i hadnt spotted he was referring to the philippines
  7. Maharg
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    Maharg Well-Known Member Trusted Member

    I know it is off topic, but I don't believe this is correct. Joint tenants and tenants in common are not defined by deposit percentage.

    Joint tenants mean that you are joint owners of the whole house, so if one of you dies the entire house automatically passes to the other.

    Tenants in common mean you both own a set percentage of the property, which is yours and yours alone. You have no ownership claim on the rest of the property.

    I know about this from when I bought a property with my mum as tenants in common.

    If you are married you would probably be joint tenants.
    • Agree Agree x 1
  8. bigmac
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    bigmac Well-Known Member Trusted Member

    we are each correct. just different aspects of it
  9. richey
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    richey Member

    Yes I am talking about the philippines. Can anyone explain the implecations of not being a principle buyer.
  10. Bootsonground
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    Bootsonground Well-Known Member

    This smells very strongly to me like B.S,and I personally would not get involved with any such deal..
    Check with other competitive lenders... No rush as most Condo`s here are well over priced anyway..
    Take your time...IMO.
  11. Bootsonground
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    Bootsonground Well-Known Member

    The implications are that you have minimum rights to the property should the **** hit the fan...Make no mistake about it.

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