How can we draw up a contract?

DanielleR

So my OH and I are looking to buy a house.

He's extremely well disciplined and is about to be better paid than me (we are on the same wage but he's an apprentice about to qualify and triple his earnings with opps for overtime and bonus pay, I'm a graduate with the opportunity for bonuses that the bosses seem to keep changing the rules about).

He's SO savvy with his money he has a 5 year old ISA that has been topped up to the brim each time. About £7k savings in his current account. About 4 bank accounts dotted about he's just left totalling around £10k. He's also going to receive back payment from now till September for all overtime and basic wage since finishing his apprenticeship and is set up perfectly to get a mortgage.

All in all he's going to have between £25k/£30k to get a deposit on a mortgage.

Myself, well I'm in around £7,500 worth of debt with about £200 of saving towards my name. I'm making good in roads and have shaved off about £1k since last year and should be Debt Free by 2012.


So we want to move in together, my bf knows ALL about my debts and has sat down and helped me work out a plan that I can try and be debt free in the next two years.

Has anybody every drawn up a contract between themselves and someone else to move in together, one person has the mortgage and the other person, although not footing the original deposit, can pay half/or their equivalent based on earnings of the mortgage and then when in the right position start contributing towards the deposit initially put down and ultimately rent/lodge with them but can get into a position where they will be joint at some point.

We're trying to cover all ground where both of us are in a similar position and clauses to protect us both should we split etc.

Any help would be appreciated.

G_M

Joint ownership of a property is in many ways more of a comitment than marriage. Is your relationship at that level?

If so, then pool your money, and debts, and own the property jointly 'till death do you part'!

If not (and this is how it sounds) then keep your finances separate. You have debts & are clearly not in a position to get a mortgage (at least for now) so the simplest solution is for boyfriend to buy the house (his deposit, his mortgage, his name on the deeds), and you to pay him whatever the going rate is for a lodger/tenant in that kind of property in that area.

If you split up, the property remains his, and you are no more out of pocket than you would have been had you been renting elsewhere.

If in the future your relationship develops, you can review the situation and get your name added to the mortgage/deeds and set yourselves up a joint bank account!

tabskitten

totally agree
only do this if you are certain as you can be that you will stay together.
would you marry him?
any doubt do not do it.
my OH and I are finally getting wed in June- we own 2 properties together. Other way around with us- i am good with money and put down all deposits- but he has been paying mortgages as he has larger wage. None of it matters through- what is mine is his and vice versa.
No intention of ever splitting- but if we did- it would be an impossible mess to sort out who owns what!