Advice please!

EL321

Me and my partner are buying a house together, I am putting down 42% depotit from my house sale.

What would you advise in terms of goiong to see a solicitor about a contract that will make it fair and so I wont lose out? I have been told if I dont pay half the mortgage even though I have put all this deposit down then I may lose out as he would get the 'profit' and be better off.

He has suggested that we put in 500 each a month away for mort. and bills (mort. will be about 500 a month), but obviously I am not very happy about this! Especially as not only has he no deposit to put down but he earns more and works out that he will be better off financially that he would on his own and me worse off than if I was on my own!!

I was thinking that I could suggest we work out my 8% left over to pay to make it 50% and his 50% to make it 50/50 each in the end - making it about 85 a month for me and over 400 for him (as suggested by someone on this site), but to be fair I'd round it up to 100 for me then him 400, with 250 each for bills as well, meaning I'd pay 350 a month and him 650 - so actually I'd pay 150 less than his suggested 500 and him 150 more. Bearing in mind he earns 1600/1700 a month, I think from September I'll be earning about 1100, so he will still actually have more 'spends'. Do you think this is fair (on him)??
xx

penguingirl

It does seem fair- but it all depends on what he agrees to. You need to both come to an agreement that you're both happy with before you go any further. I think sitting down and discussing it with him would be the most constructive thing to do, seeing as none of us can predict his reactions.

princessamy86

I put £20,000 down on our house and he had no deposit, so we got the solicitor to draw up a contract stating that in the event of us splitting up I would either have to buy him out of the remaining mortgage, or the house would be sold and the equity up to £20,000 would revert back to me. Can't help with what you both pay though, we split everything 50/50.

Fire_Fox

You really need to speak to a solicitor about this: if you put the entire deposit down on a house that is in joint names and you split up you will lose half the equity. There are ways to protect your deposit but you need specific legal documentation to be in place before you buy. I think you should pay half each towards the mortgage as that way he can not later say he paid more and should get more back. BUT your OH could perhaps pay more towards the household bills/ food in lieu of 'rent' for the part of the house that you own outright.

EL321

My deposit is £80,000, so it is a lot of money and will be saving us a lot on mortgage payment. We want to put 40% down because you can get better mortgage deals. I just feel a bit put out that he has not acknowledged the fact that I bought a house, paid a mortgage, working two jobs to pay the mortgage but its just ended up being for his benefit! Thats how it feels like.

EL321

So, if we put 1000 a month in our joint account together, him 650 and me 350, if its stated that we are both putting in 250/250 for mortgage and the rest for bills, this will work out ok?xx

purplebuzz

EL321 wrote: »

My deposit is £80,000, so it is a lot of money and will be saving us a lot on mortgage payment. We want to put 40% down because you can get better mortgage deals. I just feel a bit put out that he has not acknowledged the fact that I bought a house, paid a mortgage, working two jobs to pay the mortgage but its just ended up being for his benefit! Thats how it feels like.

Are you sure that you want to be buying a house together now then?? Can you not wait until he has saved a bit more to put some of his own money into it??

EL321

He owes his mum and dad £5000 from when he bought his house three years ago so I think I would be waiting a long time!! His house wont make a profit, or much of one anyway - thats not his fault and I dont feel resentful of that, but I will feel resentful if I dont feel he is making up for the fact that I have put in a lot of money into it.
If we earned about the same I would not worry about it so much, but its the fact that he will be better off than me that has made me think hang on your onto a good thing here and I'm going to be struggling!! Also, I want to buy a new car - he has bought one not long ago on finance, I am the sort of person who would prefer to have the money myself before I buy - this way I wont be able to save a bit more in my savings to buy one, which will make me even more resentful!!!!

Rockporkchop

purplebuzz wrote: »

Are you sure that you want to be buying a house together now then???

Ditto!

If I was in your position I would purchase the house entirely in my name and let your OH stay there and pay you £500 a month rent. You would be better off financially. With the way you are thinking (all this faffing about percentages etc) you would be mad to invest such a huge amount of money in a joint house purchase. He doesn't sound that great with money and you would be mad to tie yourself to him financially at this stage.

clutton_2

""I just feel a bit put out that he has not acknowledged the fact that I bought a house, paid a mortgage, working two jobs to pay the mortgage but its just ended up being for his benefit! Thats how it feels like""

rockporkchop beat me to it - i agree utterly with his post - DONT go into this house purchase 50/50 with such a selfish man - you know before you start that he is inconsiderate - he will only get worse.

If the house is in your sole name, you will still have an asset if things go wrong - and you could always get a lodger afterwards

trust your gut instinct that this is not a sensible way forward for you - he, on the other hand, seems to be sitting pretty....

marriage and relationships are about sharing - is he doing that ?

EL321

When I speak to him and show him my 'plan' I guess I will know whether he is being selfish or just hasnt thought. Thing is he is a decent lad, and I know I've portrayed him bad, I agree he is not good with money, but I think that also he just hasnt really thought. - he probabaly sees it as just 'equity' not money I've 'earned' and he wont have sat down and thought of all the figures as I have (being a woman!). I would hate this to come between us because we have been together for over four years and never argues or anything...we are both pretty laid back but I also know we dont discuss 'serious' things as we are both quite shy and he isnt a 'confrotational' type of person - so if we/I had brought this up sooner I probabaly would not be feeling like this!