SHould I buy with my partner? Advice needed!

Quid_Sin

Lucky me, I have a good relationship (1 year) and my own house (50,000 potential in equity), no debts, a good income and some savings (20,000).

But my partner has no savings, low income and lots of debts.:

Should I buy a property in name with them, or carry on by myself and let them live with me?
What do MSE'ers think, financially, and emotionally?
Anyone had experience of this or any good advice for both of us?
thanks in advance..

jlo2010

I see no reason not too if you consider a Cohabition Agreement/ Declaration of Trust stating you've put deposit down etc.
Do you plan to split mortgage repayments and bills 50:50 and could you sustain the new property mortgage payments out of your own salary if your partner lost her job?

VT82

I would say no.

I bought with a friend, and like you, I've got the finances going for me, but she hasn't. Now it's all gone a bit wrong trying to untangle the mess is proving a real pain.

I'm also looking at moving into a house with my partner of one year, but they're financially better off than me, so I am letting them get the house in their sole name. I will contribute to the bills and a fair rent, and either save as much as I can to make up for not being on the property ladder, or get a Buy-To-Let/back-up house for me (would have to be a bargain though!).

getmore4less

Quid_Sin wrote: »

Lucky me, I have a good relationship (1 year) and my own house (50,000 potential in equity), no debts, a good income and some savings (20,000).

But my partner has no savings, low income and lots of debts.:

Should I buy a property in name with them, or carry on by myself and let them live with me?
What do MSE'ers think, financially, and emotionally?
Anyone had experience of this or any good advice for both of us?
thanks in advance..

Do not create a financial link of any kind.

Consider after the OH has show they are capable of managing money, preferably after the debts are cleared and the credit record clean.

BritRael

getmore4less wrote: »

Do not create a financial link of any kind.

Consider after the OH has show they are capable of managing money, preferably after the debts are cleared and the credit record clean.

Definately agree with this logic. You've only been together for one year, whereas a mortgage is probably going to last for at least 25 years. To consider getting financially involved with someone who has no history of saving, but has a proven history of not being able to handle their own finances and also has a low income is very risky. Financially, you have nothing to gain from this but a lot to lose.
Whatever you decide, good luck

C_Mababejive

OP are you the male or female partner..?

You have to have two heads on in this situation. One is your personal/romantic head and the other is your business head. Mix the two at your peril.

I would say at this early stage that you should not relinquish anything but if you wish to,carry on the relationship for a little longer and see where it goes.

I think its important to have at least some financial equality in relationships and you should certainly have similar views on handling finances.