Help please-mortgage/house move-unusual ?

Pssst

Hi all,
I have what seems to me to be a tricky situation.

My partner and i got together a few years ago. She is a little older than me and has a grown up child by a previous relationship. We are not married. We now share a house which she owns but which i have contributed to. It is paid for and probably worth about £100,000.

I do not have any children or any close relatives. I am in my mid 40'2 and my partner is a few years past 50.

We would like to move house to a quieter area,somewhere in the country but within easy reach of town/city by train/commute. We are both still working though obviously my partner is likely to retire before me.

We both have savings/money in the bank/investments etc.

My issue is that to move,it would be ideal to borrow/mortgage whatever extra we need. Maybe we would need to borrow another £100,000. Having said that, i dont have anyone to bequeath what could be my half of the property when i die. So then,what is the point of my actually seeking to buy it?

I'm not sure if im making myself clear. Bottom line is that i dont want to blow my money/investments on buying half a new house only for her child to inherit it becuase i have no one to leave it to.

What i need is some kind of financing mechanism whereby i could borrow money to finance the move, pay as little as possible for that and then when i die,the financial institution from which i borrowed, gets my interest in my half of the property. End result, i hopefully get to move to the home i want,it costs me say,interest only or something similar, i get use of the house until i die,they can then have my half as i dont need it.

Does this sound mad? Am i over complicating what should be a simple move?

I want MY money now to enjoy life,not to invest in a house for someone else to inherit.

Any thoughts/advice welcome

MarkyMarkD

Does this sound mad?

Yes.

If you have a meaningful relationship with this woman, what you are proposing is indeed mad.

Surely you want her to get the whole property should you pre-decease her?

And if you haven't got anyone to inherit assets from you, why should her/her child not inherit it? Do you have some strange thing going where you love her but hate her child?

Having got that bit off my chest, there's no reason why you couldn't take out an interest only mortgage on the property with a very long mortgage term. That would effectively have the result you are talking about - assuming you managed to die during the mortgage term, you'd leave your "loved one" with the whole house (assuming you leave it to her) but with the whole mortgage too. I'm assuming you'd buy the house in joint names with a joint mortgage, but you would actually make the mortgage payments as her contribution is the £100k equity in the existing house.

To make payments which are less than interest only, you'd need something like an equity release/roll-up mortgage which is not achievable at your age as you are far too young.

Pssst

Hmm,perhaps i didnt explain myself/come across too clearly? I suppose i want to preserve as much cash as i can for enjoying life rather than tying it up in a house by using a huge chunk of it to pay for the move and getting a smaller mortgage.

silvercar

so get a large interest only mortgage.

mightymouse

Hi

what happens if your partner dies first? who benefits from the estate (charity, child, grandchildren etc), or you both split up?

What if your partner needs nursing home care?

You met and moved in together a few years ago but it seems there are some issues to finalise such as wills.

I have nothing against will writing services except where there is an ulterior motive such as putting their own company on the will as executors and trustees so if there is a large amount of money involved then I am sure an I.F.A would help and / or a solicitor.

Do not be lulled into a false sense of security.