Advice needed - adding partner to motgage/ equity share arghh

kelwal75

deleting message.. thanks but maybe i didn't explain properly.

casevlloyds

Seems he wants his cake and wants to eat it if you ask me!

Youve been paying your mortgage for xxx years on your own and have built up a nice amount of equity. He now wants to join you on the mortgage and have a slice of the profits.

But he will only do that if he's guaranteed a return?

So he wants to invest in your property if his money will increase but not if it wont?

Have I read that right? cant really see an answer to it but I know what I'd say if it was my OH!

Unfortunately home ownership doesnt work like that. You have to take the ups and the downs. Its not as if you can just ring up your mortgage company and say "seeing as house prices are falling I think my mortgage payments are 'dead money' at the moment so i'd like to stop paying please!"

Sorry if Ive read this wrong or took what your trying to explain the wrong way - fact of the matter is if it wasnt for you and your nice property and bit of equity he'd have no option would he? He'd either have to pay someone else rent and it would be "dead money" or he'd have to buy a property himself and go into negitive equity so why should it be any different with you?

Robert_Sterling_3

I agree entirely with the above post.

PasturesNew

Yeah, cake and eat it.

moggylover

Another one that votes for too much cake:D suggest you tell him to make his own flippin cake:D

gizmo111

So how does he see the rent he pays you at present then - is that not also 'dead money'.
A conservatory will put very little vlaue onto your property.
Is he going to pay a lump sum off your mortgage? Or are you just going to give him a slice of your equity, lose the rent payments and let him share the mortgage?
I'd stick with the current agreement I think - unless I have missed something significant that will benefit you.

gizmo111

PasturesNew wrote: »

Yeah, cake and eat it.

I've never understood this saying - what else is there to do with a cake other than eat it?

Gorgeous_George

You can 'have' it.

GG

Gorgeous_George

I'd be more concerned that you haven't met Mr Right.

Sharing a mortgage is more tying than marriage. I'd put his rent up until he leaves.

GG

casevlloyds

kelwal75 wrote: »

this is becoming such an issue that if we don't sort it out i'm worried it'll cause other problems.

This is the bit that made me think the most :rolleyes: is he resentful of the equity you have in the property?

casevlloyds

Just one final thought - someone might be able to advise a bit better than me....

I noticed on another post you've made that your boyfriend has debts that are with collection agencys - probably meaning his credit rating is less than perfect. Will adding him to your mortgage mean you are 'financially linked' meaning his credit rating could affect you in some way?

Im not to sure - someone can probably correct me. Just another thing to think about.