Help needed

Fran24

I moved in with my boyfriend last year and rented my own house out. I would quite happily have sold my house as couldn't really be bothered with the hassle of renting. Anyway, it was my boyfriends decision to rent so thats what i did - suppose it was also a fall back if things didn't work out. My Boyfriend got stung in a previous relationship and had pay his ex off by re-mortgaging his house. Now this has made him twitchy regarding me going on the mortgage because he doesnt want the same to happen again. I have offered to sell my house and put the collateral of about 30k into his house and to re-mortgage in joint names......this is where the problem lies my boyfriend has about 80k in his house and wants me to put in the same so we are both in it 50/50. This would mean me taking out a mortgage on my own to cover the 80k and my boyfriend would then have no mortgage whatsoever. I don't think is really fair but this is the only way he will put me on the mortgage. Can any of you think of a solution i.e can i sign anything to say if things don't work out i only get out what i pay in or do you guys agree with my boyfriend and think i am being unreasonable - you advise would be greatly appreciated. Thanks

herbiesjp

You cant jointly own a property, with only one of you having the mortgage.

The mortgage would have to be in joint names, which makes you jointly liable for the mortgage payments

GMS

Fran24 wrote: »

I moved in with my boyfriend last year and rented my own house out. I would quite happily have sold my house as couldn't really be bothered with the hassle of renting. Anyway, it was my boyfriends decision to rent so thats what i did - suppose it was also a fall back if things didn't work out. My Boyfriend got stung in a previous relationship and had pay his ex off by re-mortgaging his house. Now this has made him twitchy regarding me going on the mortgage because he doesnt want the same to happen again. I have offered to sell my house and put the collateral of about 30k into his house and to re-mortgage in joint names......this is where the problem lies my boyfriend has about 80k in his house and wants me to put in the same so we are both in it 50/50. This would mean me taking out a mortgage on my own to cover the 80k and my boyfriend would then have no mortgage whatsoever. I don't think is really fair but this is the only way he will put me on the mortgage. Can any of you think of a solution i.e can i sign anything to say if things don't work out i only get out what i pay in or do you guys agree with my boyfriend and think i am being unreasonable - you advise would be greatly appreciated. Thanks

You could go on to the mortgage but have a 'tenancy in common' rather than 'joint tenancy' That way you do not have 50/50 but can legally set the ownership to te level you think, i.e 70/30, 80/20 etc.

Speak to a conveyancer to get a better idea