Partner buying into house

Idiophreak

Hudson1984 wrote: »

can you not just get a 35% mortgage? she can then pay that off and you can pay your 50% share in cash?

Collectively, that's a bit of a waste - as she'll be paying interest on the mortgage whilst he has cash in the bank.

OP, I think whatever approach you take, you're looking at her saving up for a while until she can afford to pay back, say, 10%...then going out and getting the house valued and sorting out the paperwork to transfer from you to her...then you having a bunch of her money and a little less investment in the house...

Personally, I doubt whether it's really worth paying a couple of hundred quid every couple of years to arrange this - and would go with other people - just find something else for her to invest in...at least until she's got a fair chunk to put into the property in one hit...

To be honest, by the time she'd saved that much, I imagine it will all be somewhat a moot point...She'll give you a massive bunch of cash, you'll get the split adjusted and then, in all probability, spend the money on something that benefits her anyway...so it may just be easier to say "if/when we get married, we'll switch it to 50/50" and leave it at that...then you can use her spare cash for living life in the meantime

mjb84

InMyDreams wrote: »

What was your reason for wanting a joint tenancy rather than tenants-in-common?

The main reason for choosing joint tenancy is that in the unlikely event that one of us did die then the share of the house would be transferred to the other not leaving one high and dry. If buying as tenants in common with a will in place, would this have the same effect?

I would rather buy the house mortgage free for both of us than her spend money on paying interest. I am also not interested in taking rent from her for something which is for us.

As it stands, we have been together a long time and is a very strong relationship. Having read some of your comments regarding 'being all in etc..', i agree with you but these are all big decisions and maybe, for me, needs reviewing in say 5 years.

Idiophreak wrote: »

To be honest, by the time she'd saved that much, I imagine it will all be somewhat a moot point...She'll give you a massive bunch of cash, you'll get the split adjusted and then, in all probability, spend the money on something that benefits her anyway...so it may just be easier to say "if/when we get married, we'll switch it to 50/50" and leave it at that...then you can use her spare cash for living life in the meantime

yes i think this is true and good advice!

having just discovered this forum, I am pleasantly surprised how useful it is!

kingstreet

Hudson1984 wrote: »

can you not just get a 35% mortgage? she can then pay that off and you can pay your 50% share in cash?

so basically you would pay 50% she would pay her 15% and mortgage the remaining 35% both own equal parts then just you've paid yours off cash whereas she's having to get a mortgage

No. It would have to be a joint mortgage with joint and several liability. She can't mortgage the property alone if he owns part of it.