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Thank you for your answer. In follow up, what impact would the declaration of trust have on each individuals' liability. Does the % ownership impact % liability each person has of the mortgage or does the mortgage operate independently from the ownership of the property?
Also, I have an additional question. On buying the property my father gifted me £30k towards the £40k deposit. For the purpose of the mortgage this is a gift and there is no repayment or terms to this nor does he have a claim over the property. However, my father is keen to protect the money he has given me and has suggested a "first creditor agreement". Can you explain how this would protect the money (presumably without interfering with ownership or claims over the property) and whether this is an effective way to protect the money. Also, if there are other options to protect the money please can you explain these.
If we were to have a declaration of trust which states that ownership was not 50:50, for example 1/3 and 2/3. Then payments of the mortgage are shared equally for a period of time - does this impact the ownership claim given that repayments and therefore capital is repaid at a different proportion than the declaration of trust or is the declaration of trust binding regardless of payments made?
Please can you explain how stating my father's contribution as being repaid would work? Would I need to actually repay the amount?