My Journey as a First Time Buyer!

Saver-Rob

Thanks for your post. I have seen your thread before and had a good look through. It was threads like yours that inspired me to do the same.

We will talk about our options regarding who will be named on the property or if a % can be worked out whereby she become a 50% owner at a later date (when she has finished Uni for example).

brummybloke

Saver-Rob wrote: »

Thanks for your post. I have seen your thread before and had a good look through. It was threads like yours that inspired me to do the same.

We will talk about our options regarding who will be named on the property or if a % can be worked out whereby she become a 50% owner at a later date (when she has finished Uni for example).

dude, it isnt OUR options, it is soley YOUR options.
you are the one paying for it all, so as selfish as it sounds, it should be all in your name.
i would be saying the same if you were a girl and you were talking about your boyfriend.

i cant stress it enough, if it saves one young person from making the mistakes i made, it is worth repeating.

she can live in your shiny new house and pay you rent or pay for the groceries each week, if she plays her face up then you now know she is not likely to pay 50 - 50 at any stage, letting her off with paying £60 per week towards the cost is peanuts and saves her money, it does though show some sort of intent.

dont let your heart rule your head, there are reasons why divorce lawyers earn so much money, it is because they get so much business from couples splitting up and the assets getting split.

im sure if your mrs was sensible and thoughtful , she would understand fully, if she doesnt then is she the right one for you?

amcluesent

>I have just saved hard<

Two words. Gold Digger.

Kavanne

amcluesent wrote: »

>I have just saved hard<

Two words. Gold Digger.

!!!!!! don't comment as you clearly do not know the OP's situation!!

clk299

At the risk of sounding totally old fashioned: well done. My sister got married at 21, and bought a house with her husband straight off. They did not stay together in the house till they were married; they certainly didn't live together before they were married and they have many friends who are in the same situation. I hope it all works out for you.

ess0two

Too many assumptions and bad experiences on this thread.

Money aside you have to work at a relationship.

jodiebabes

Hi all, just wanted to say I think the best idea would be to just have your name on the mortgage.

Me and my partner have been together 8 years. We had been together 4 years when he bought his first house. Although my name going on the mortgage was never an option as we were in the same situation as you - I was a full time student at Uni and my partner was earning. I felt that as I wasnt going to be contributing financially to the house my name shouldnt be on the mortgage. And as he could afford it on his wage there was no need for that commiment early on in our relationship.

It worked as now I am in my first newly qualified post and we are looking to upgrade our house with me on the mortgage. We have also just got engaged so things really are looking good.

Hope things work out in your search. Sounds like you have read your stuff.

Ladybird20

Well done for saving 39k ,,thats amazing when we are amongst a society of bad debts and credit.........

beingjdc

Zandoni wrote: »

Do the maths if you rent a house for £600 a month that is 12 X 600 = 7200. I would be very surprised if the house of your dreams doesn't drop by at least double that over the next year. So dead money it's not.

And, of course, it's only £7200 compared to living at home. Compared to buying it's £7200 minus the interest you'd pay on the mortgage minus the interest you will no longer get on your savings.

I'd want to live with someone before committing to buying with someone, but then I speak from bitter experience (not of buying, I did that on my own). If it's only one income then I definitely endorse the buying in sole name and having girlfriend pay rent - if it works out well you can change it, or the courts would imply it anyway if you had kids and split.

Kynthia

Hi

Good luck with your purchasing dream.

If you find a property that is right for you, at a price that you can afford then don't worry too much about the falling market. No-one can know when prices will rise and fall. Five years ago when I started to think about buying there was talk that a crash was due. I'm sure some people waited to buy and had to pay more for their property as prices went up!

My mum gave me advice when buying:
1) Negative equity isn't the end of the world if you aren't planning on selling. If it's a possibility then get a long enough mortgage so that you aren't trying to remortgage with no equity.
2) Buy somewhere that is rentable. If the worst happened and you couldn't afford to live there, such as losing your job or getting too ill to work, and you weren't able to sell quickly you can move home and rent it rather than lose it.