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miaow11

n o w c a n d e l e t e

Hippychick

How much a month is his mortgage? whereabouts in the country are you? you are both on excellent wages and £400 a month is nothing compared to your take home pay.

Does this £400 include bills and food? if so then you would be getting an extremely good deal.

Personally if you are both earning the same salary I would go 50/50 and split it completely down the middle, even if you were to split up then you could claim a beneficial interest in his property if you have helped him pay some of his mortgage.

If you are that concerned about him possibly dumping you and you losing money why don't you have a formal agreement drawn up? similar to a pre nup I suppose. I think a solicitor would draw up a declaration of trust for a small fee.

I am of the opinion that moving together will require some give and take on both parts, you should maybe show a little more faith in him and split things equally, at the end of the day you are going to buy a house together so surely your finances will merge then anyway?

U've_been_framed

Are you partners? Or are you a lodger with benefits? Decide which, and go from there.
What is the going rate for rent in that area? Find out what that is, and go 50/50.
His argument that you should pay more because you have plenty of money in the bank is irrelevant. As is your argument that you could live at your dad's quite cheaply.
You are moving in together, and planning a future together. Work it out together. Which is more important - being together or your financial agreements?
May I wish you a very happy future - together.

Jowo_2

A tenant or lodger doesn't need to worry about the level of mortgage payments of their landlord, that's their problem, while a landlord doesn't raise the rent if he finds out the lodger has got a lot of savings, nor do they drop it if the lodger is a student rather than employed.

By the way, have you sorted out wills?

nrsql

You will have sold your house while the market is low. He will be selling in two years time - could be that the market will have recovered and he will have a lot more equity. You will have lost any growth due to living in his property.
Note - market might not recover - might go down.

I think what you are doing is very risky.

zzzLazyDaisy

Hippychick wrote: »

Personally if you are both earning the same salary I would go 50/50 and split it completely down the middle, even if you were to split up then you could claim a beneficial interest in his property if you have helped him pay some of his mortgage.
?

This is not correct. OP would not gain a beneficial interest in her OH's house unless the money she gave was clearly earmarked for the mortgage and proveable as such and it was intended that in making this contribution she would be building up equity in the property.

What is more likely is that the money would go into a general pot for bills, food, etc, and without a formal Trust Deed, would not lead to OP gaining a beneficial interest in the property.

Therefore, it seems to me that she should be making a fair contribution towards the cost of food, and paying half the cost of utility, phone, broadband, sky etc bill. Also her OH will lose his single person's discount on the council tax, so she should at least reimburse him for that, if not pay half of that bill.

Personally, if I was OP's bf, I would want to leave the mortgage out of the equation, precisely to avoid any suggestion of OP gaining an interest in the property.

Alternatively, they could put his house into joint names with OP using the money from her house to reimburse him for half the equity already built up in his house, and then of course she would become jointly liable for the mortgage.

pinkshoes

You should live with him as a LODGER for 2 years until you buy a place together.

Look on rightmove for the going rent for his type of property, then offer to pay half of that as "rent", then half of all bills (gas, elec, council tax, water, food, broadband, phone line etc...).

If you're going to still be together in 2 years time, then who cares where the money goes?? At least this way, if you do split up, you're only a lodger, have paid a fair rent, and can just move out with no claim on his property.

Dinah93

What is the going rate for a room in the area? £300? So £300 + half of all bills and food, which I would estimate would come out at about £600-£700 a month.

sarah_elton

My boyfriend moved in with me when I owned my flat (we now rent together, having sold it). We earn almost the same as each other (and similar to your salaries).

I had my monthly budget with the total for mortgage and bills. He offered to pay half of everything. I didn't feel comfortable taking half the mortgage payment, as I'd taken out a 100% mortgage (so the repayment was more than renting the same property would have been) and I felt like I'd be making him pay over the odds because I chose to do that long before we got together. Just didn't feel right.

My mortgage was £620 and all other bills (excluding food) were about £350 a month. So total a bit under £1k per month. In the end, he paid me £400 per month, so half of the bills and around a third of the mortgage.

The mortgage and all my bills stayed in my name - he just transferred me money at the start of each month.

For food, I do the supermarket shop and he just gives me half of what it cost afterwards.

We've been living together since November and are planning to buy next Spring. It's getting to the stage now where I'm less and less fussed about splitting things. Everything each of us saves is adding to our deposit, so if one of us pays for something the other's putting more away for the house that month. As time goes on you'll both be less and less bothered as you transition to the "our money" stage.

AmandaP

£400 per month sounds like you are getting a very reasonable deal (if that includes bills, which from your posts I got the impression it does).

I think that £500 is a perfectly reasonable and fair amount to charge.

mlz1413

OP from your first post you seem to be bothered by paying an extra £100 to live in a greener area, but you have agreed to sell your place and move to his house rather than him selling and living in your cheaper area.

To me as an outsider the £100 difference for a larger home in a better area seems a fair price per month. I would consider your savings and his mortgage to be irrelevant in this calculation is about location and what you are getting for your 'rent'.

But this is maybe something you should discuss about when you buy together, clearly you would prefer a lesser area so the house prices and bills are cheaper. Whereas he will always prefer a posher/greener area where everything will be more expensive. Hopefully as sarah-elton has said once you live together the inital worries will iron out and you will be less concerned about finances.

Good luck