Boyfriend Not Saving
Options
Comments
-
This is the most confusing thread I have ever seen. The OP has contradicted herself quite a few times and all logic seems to have gone out the window!
Apparently the OP has loads of spare money and savings but wants to continue paying £750 in 'rent' to her dad. This is whilst saving £50000 to give to her dad, to then have the house put into her name. At which point the house value hasn't risen and she's got absolutely nothing out of it. Also her dad just tied up £50,000 for no valid or logical reason!
Nothing the OP has said has made any sense. It's all very weird!0 -
I'm glad it's not just me. 5 pages in and I still don't understand the set up, or its benefits for the OP. It would be easier to just take the dad out of the equation completely, and save for a deposit, then get a mortgage, as that's what they are doing anyway!
It's the fact the situation was presented as the dad somehow "helping" his daughter out that muddled things up I think, as he's doing nothing of the sort.0 -
I think i got it, what threw me was a few posts back about "we having a 5 year fixed rate mortgage and avoiding penatly". They don't have a mortgage only Dad does.
So figures as it's easier (we all using same amount).
£200,000 house your dad purchases for, £50,000 Is deposit so he has a £150,000 mortgage.
Op and boyfriend will save money, once reached £50,000 they give that to Dad.
However there Is still the mortgage needed to buy house and a further deposit needed, is this answered by op anywhere?
Easier all round is to save and buy a separate house, Dad has another buy to let property and is not yours.0 -
Way back at the beginning they were going to buy with a mortgage and the 50k loan/gift from dad.
This is really quite simple.
They backed out so dad fixed for 5 and rents it to them.0 -
getmore4less wrote: »Way back at the beginning they were going to buy with a mortgage and the 50k loan/gift from dad.
This is really quite simple.
They backed out so dad fixed for 5 and rents it to them.
So why do they have to save 50k to give to dad? The whole point of the thread is that the boyfriend isn't saving his share of the 50k.
The dad bought the house four years ago (when the OP was 18 and not with the boyfriend).Unless I say otherwise 'you' means the general you not you specifically.0 -
So why do they have to save 50k to give to dad? The whole point of the thread is that the boyfriend isn't saving his share of the 50k.
To buy the house off him? I add a question mark because I'm still not clear on how the arrangement works and apparently the boyfriend isn't either.
The more pressing question is - if the OP and her boyfriend could have bought it already, why didn't they? If they didn't want to buy before then what will have changed in five years?
The OP said they were going to buy it but then her boyfriend "freaked out". So clearly he doesn't want to buy the house. So why on earth would he be expected to save up to buy the house in five years' time?0 -
£750 a month is an eye-watering amount for an interest-only £150k mortgage. What's the interest rate?
After 5 pages I'm still totally confused - the numbers make absolutely no sense.0 -
Whatever is going with the house deal with your dad aside. It sounds like your partner is telling you clearly that he isn't ready to buy a house with you. If he is happy in your relationship and there are no other signs that anything is wrong then he's probably just feeling like 24 is too young for him to buy a house and commit to a mortgage. That's understandable, maybe he wants to enjoy being young and having money to spend on luxury stuff.
The fact that he is refusing to discuss it is worrying though, in a relationship it shouldn't be a massive issue to discuss what you want from the future, how money is budgeted in a joint household, and he should feel able to be honest about finances and future plans without fear of you getting upset or angry.
Have you tried asking him how he would plan his finances to save for a deposit as well as fun stuff? You say he's great at communication but that's probably not the case if it has to get to the point where he freaks out to stop a house purchase instead of discussing doubts and worries before it gets to this point."I cannot make my days longer so I strive to make them better." Paul Theroux0 -
OP I think you have missed the point that you don't necessarily have to save £50k if the other mortgage figures stack up.
Let's say your dad bought the house for £200k, and in doing that he put in £50k cash and got a mortgage for £150k.
If he isn't making a profit out of you, you need to buy the house from him for £200k, the same as what he bought it for. How you fund that in terms of mortgage vs deposit is entirely between you and your lender. So perhaps if you have a 10% deposit of £20k you can get a mortgage for £180k.
You buy the house for £200k. You pay the money as £20k from your savings and £180k borrowed as a mortgage.
Your dad receives £200k and from that he uses £150k to repay his mortgage and the remainder is the £50k cash returned to him.
At no point do you hand £50k to your dad. You don't need to have £50k cash saved yourself if you can get a mortgage which includes the difference.
Whether or not any of the above should include your boyfriend is another matter. He doesn't seem terribly committed and I wouldn't want to buy a house (from anyone) with someone who isn't completely into it. Any chance you can save the deposit (the £20k in my example) and afford a mortgage for the rest on your own?0 -
gingercordial wrote: »OP I think you have missed the point that you don't necessarily have to save £50k if the other mortgage figures stack up.
Let's say your dad bought the house for £200k, and in doing that he put in £50k cash and got a mortgage for £150k.
If he isn't making a profit out of you, you need to buy the house from him for £200k, the same as what he bought it for. How you fund that in terms of mortgage vs deposit is entirely between you and your lender. So perhaps if you have a 10% deposit of £20k you can get a mortgage for £180k.
You buy the house for £200k. You pay the money as £20k from your savings and £180k borrowed as a mortgage.
Your dad receives £200k and from that he uses £150k to repay his mortgage and the remainder is the £50k cash returned to him.
At no point do you hand £50k to your dad. You don't need to have £50k cash saved yourself if you can get a mortgage which includes the difference.
Whether or not any of the above should include your boyfriend is another matter. He doesn't seem terribly committed and I wouldn't want to buy a house (from anyone) with someone who isn't completely into it. Any chance you can save the deposit (the £20k in my example) and afford a mortgage for the rest on your own?
I wouldn't be able to get a mortgage on my own with the salary I'm on....(this isn't why I am with my bf before anyone jumps to conclusions)
Having a quick look on a mortgage affordability calculator I can borrow between £55,000 and £80,000
Essentially (in the simplest form) We give 50k to conveyancer, mortgage company gives the rest. The mortgage company money pays off the dads mortgage, dad gets the 50k.
Or 5 years down the line we decide we don't want to buy the house we have a £50,000 deposit. We have thought of it as ideally we want to save £50,000 in 5 yearsViewed House: 29/02/2020
Offer made: 29/02/2020
Offer accepted: 01/03/2020
Exchanged contracts: 13/05/2020
Completed: 13/05/20200
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards