FTB help. I don't know where to start!

TooDee

kingstreet wrote: »

You need to apply for a joint mortgage on a jointly purchased property.

Lenders will not be happy with a deposit coming from someone who will live in the property who is not a party to the mortgage.

Besides which, not owning part of a property you are putting all the equity into strikes me as financial suicide.

Can I not give the money to him then he can do the rest.

I can see why you'd think its financial suicide but i'm used to not doing things the conventional way. I will not loose out, I promise I wouldn't even be considering this if I thought I would.

What if we were to get married after he bought the house? Would I then be entitled to half of it?
We will both be writing wills at some point in the future but at the moment we have nothing worth writing a will for.

[Deleted User]

Talk to a solicitor. You are insane if you put in all the equity and then don't put your name on the deeds.

kingstreet

TooDee wrote: »

Can I not give the money to him then he can do the rest

You can, but your mortgage lender might not see it that way. You'll find gifts from non-relatives are specifically unacceptable, as are those from people who will live in the property but won't be party to the mortgage.

I can see why you'd think its financial suicide but i'm used to not doing things the conventional way. I will not loose out, I promise I wouldn't even be considering this if I thought I would

Forgive my bluntness, but you cannot possibly know the future. Prudent planning for the worst does not mean you do not trust the individual and it does not mean the best ceases to be likely.

What if we were to get married after he bought the house? Would I then be entitled to half of it? We will both be writing wills at some point in the future but at the moment we have nothing worth writing a will for.

So, you're happy to be protected from the point of marriage, but upto that point you're happy to take a risk?

As I've said to many clients over the years, I can insure against most things happening, the only thing I can't cover is relationship breakdown.

What you do with the information you receive here is upto you, however as I pointed out at the outset, you'll struggle to get a mortgage unless you buy the property in joint names with a joint mortgage. I don't know why you wouldn't prefer that option, TBH.

SuzieSue

TooDee wrote: »

Can I not give the money to him then he can do the rest.

I can see why you'd think its financial suicide but i'm used to not doing things the conventional way. I will not loose out, I promise I wouldn't even be considering this if I thought I would.

What if we were to get married after he bought the house? Would I then be entitled to half of it?
We will both be writing wills at some point in the future but at the moment we have nothing worth writing a will for.

Everyone has told you why you shouldn't just give him the money but you don't want to listen. Even if you are married, unless you have children, there is no reason why he would have to give you any share of the house if you split up and even if you have children, there is no guarantee.

It's up to you, but if you are happy to risk £38k, then it's your look out and good luck.

SuzieSue

And even if you both write wills leaving everything to each other, there is no guarantee that he won't change his without telling you and there is nothing you can do about it.

The vast majority of people get married because they love and trust their partner just like you do, but at least 1 in 3 marriages end in divorce and so you shouldn't just assume your relationship is special and nothing can possibly go wrong.

TooDee

surely adding me to the mortgage will make things worse? I've had debt i'm unemployed and my credit rating is probably rubbish.

I'm not fussed whos name the house is in as I know it will be treated as our home, but if we are getting married in the near future then it looks like that solves any issues there if we were to break up or one of us was to die.

We've lived together for most of the five years first I had a job and he didn't now he has a job and I don't. We've both paid part for each other in the past without a problem. My input in the house will be the deposit his will be paying for it while i'm unemployed or working temporary/ part time and then hopefully having kids. Surely that makes more sense than bringing our mortgage chances down thanks to my rubbish credit rating.

kingstreet

TooDee wrote: »

I've had debt and my credit rating is probably rubbish

Are you arguing against what's being suggested because you genuinely trust this bloke and don't feel you need to buy jointly, or because you think you can't?

TooDee

kingstreet wrote: »

Are you arguing against what's being suggested because you genuinely trust this bloke and don't feel you need to buy jointly, or because you think you can't?

Both! I do trust him and I think it would take to long to get my credit rating to a good place. I want to have kids soon (while it all still works... I hope) and I want to do it in my own house I don't want to move them around as much as I had to when renting.

Caleb11

I don't really see anything wrong with what u want to do, but all I would say is your going to need to find a way for the deposit to go into your partners name without it looking as if its coming from you because mortgages don't like "gifted depisits" coming from abyone other than family. Maybe you could transfer the money to his family member then they transfer it to him so it looks like its coming from his family member

girl_withno_name

You might want to take a look at this recent thread, it should provide some idea of the potential "end of the story": https://forums.moneysavingexpert.com/discussion/3849705