Me and my husband are buying our first house together. He has no savings, so in order to get a better mortgage rate for us, I will use all my savings to pay 20% of deposit.
I heard people will do a deed of trust in order to protect themselves in case of divorce
My questions are:
1. will having a deed of trust affect our credit rating or mortgage application?
2. Does deed of trust have to be register on land register to be valid
3. Does Deed of trust having a valid time period? i.e. expire for a certain amount of time?
4. I was thinking to put on deed of trust in the below 2 ways, please can anyone tell me which one is more common and cause less hassle.
-- if we got divorced, then given I put down 20% deposit, I will own 60% of the house, my husband will own 40% of the house
-- if we got divorced, the house sale money will be divide into 2, and my husband will need to pay me back the 20% of deposit back plus the amount of years of interest set as 3%.
5. Will have a deed of trust causing issue when selling the house in the future?
6. Can any situations make deed of trust invalid?
Many thanks
