Moving in together - help!

Premier_2

moneysavinmonkey wrote:

your partner is better off in this situation if you are added to the mortgage as you have shared the loss between you.

The partner may be better off by halving any loss but she'd have lost her house, her home.

moneysavinmonkey wrote:

your partner will be in a better situation if you are added to the mortgage as by you adding to the equity you will be able to get a better re-mortgage deal, and have shared the repayments leaving them more free cash to save/overpay/make improvements whatever.

Improvements = building equity (hopefully) - even more difficult to buy out the other
Overpay - again increasing equity - more difficult for 1 to buy out the other
Save - She may need this to buy out the other. Lets hope none is squandered by the other suggestions you made.



It's good you don't agree. This is what this board is all about. Sharing ideas, suggestions, etc. It would be a very boring world if we all agreed on everything.

I hope the OP is not offended by my posts. No offence was intended, just the opportunity to look at things from a different perspective ... and one which sadly becomes reality in so many cases. I wish it wasn't the case, and sincerely hope it doesn't happen to the OP, but sadly this is the real world and sometimes it's better to look at all eventualities.

It's very easy to say "not very likely in the short-term" in whatever context but just look at the housing market 12 months ago and how the predictions then differ to the reality today.

moneysavinmonkey

Premier wrote: »

The partner may be better off by halving any loss but she'd have lost her house, her home.

so the situation would be if she hadn't shared the loss??

Improvements = building equity (hopefully) - even more difficult to buy out the other
Overpay - again increasing equity - more difficult for 1 to buy out the other
Save - She may need this to buy out the other. Lets hope none is squandered by the other suggestions you made.

i see what you mean about improvements/adding equity making it more difficult to buy each other out, but at the end of the day they will both be better off, the partner can always go off and buy another house and will be in a better position that if they hadn't shared the mortgage on this current property.

It's good you don't agree. This is what this board is all about. Sharing ideas, suggestions, etc. It would be a very boring world if we all agreed on everything.

lol - well we can agree on that.

It's very easy to say "not very likely in the short-term" in whatever context but just look at the housing market 12 months ago and how the predictions then differ to the reality today.

I have been following the housing market closely for about 2-3 years now. 12 months ago many people were saying that house prices were due to fall, or level off, I think the best forecasts were in the region of no more than 5% increases (ie in line with inflation only). A growing number of people were forecasting some serious falls... fast forward 12 months and knowing what we know now - noone is forecasting anything but continued falls until the end of 2009 at least. They could all be wrong, but the sensible thing to do would be to give you third scenario the least prominence.

owner

When these types of agreement are made one party always ends up getting shafted.

(This may be the exception to that rule )

iyiarz

Good lord, its the first time I've read this post and I have to say, you could peel an orange in your pocket! I agree, you should pay her 'rent' until re-mortgage time. Prices may well go down but if your going into things together, I don't think being a tight !!!! will help you in life.

Just put in half the equity at remortgage time and split the payments as required, then enjoy life together. Don't treat you relationship like an investment... Its a sure fire way of it ending sooner than it began.

mlz1413

JoA you are paying rent now for the place you live, your partner is asking you to go and live with her, you really should pay something in the way of rent.


I am assuming she has more commitments than you and that is why she will not will be moving in with you. But either way you have agreed to go there to be a proper living together couple, and the 12 months of not being on the house deeds is due to the fixed rate (and it's a trial period).

If you are unhappy with paying half the mortgage and bills whilst you are not jointly named on a mortgage why not have a chat about you paying a rent and contributing towards bills - the difference being the rent could be £50pw and the contribution any amount over what the bills already come to (remember her council tax goes up by 25% when you move in)

Then when the fixed rate ends and you have done your 'bedding in' period you can decide if you stay in her house and split everything 50/50 or if you move to somewhere new and start afresh on a equal footing.

IMO I do not think it is a good idea to start paying into improvements when you are both just starting to live together.

Good Luck with what ever you decide.