Should I get a mortgage with my girlfriend

cornishjones

Gonna keep this as blunt as possible.

We have found a property we like costing £160000.

I have £50000 deposit but she has none.

I earn about £18000 per year and she £17000.

She says that I should get the mortgage by myself seeing I am the one with the deposit but I want her to be part of it. Is it possible for her to own a percentage of the property.

Worried I wouldn't be able to get a mortgage by myself anyway.

Would just like some advice from people who have been in a similar situation.

Thanks

Thrugelmir

Protect your deposit by using a declaration of trust. The solicitor who handles your conveyance (purchase) will be able to guide you through the process.

One partner introducing a larger proportion of the deposit is not uncommon.

cornishjones

Thanks for the response.

So you mean we could have it set in writing that I own for example 70% of the property and her 30%.

But she is worried that if for some reason we break up she is gonna lose her first time buyer status. Is that such a big deal?

Thrugelmir

Say property is a £150k. With your putting in £50k deposit.

When the property is sold you receive your £50k back.

Then the remaining equity could be split 50/50 or any other % you come up with. For example.

In essence the agreement needs to be agreeable to both parties.

Normally recommended that both parties obtain independent advice. So that there can be no question of dispute if challenged in court.

SavingPennies_2

TBH from what you say she doesnt seem that keen. Id buy it yourself if you can.

Brighty

I wouldn't be buying a house with someone who's main concern is that they will lose their 'first time status' IF you were to split up, sounds like it's more a 'when' than 'if' in their mind to me.
Brighty

cornishjones

Thanks for your concern but we are very happy together. Shes just concerned that she hasn't built up her own deposit, though she is a little younger than me.

Anyway you talk about the declaration of trust, does this document have any use say if we are to get married in the future and have children.

amnblog

this question is about your relationship not the mortgage.

if she does not want to buy but you do, then do it

if you don't wont to buy without her don't buy

SavingPennies_2

cornishjones wrote: »

Gonna keep this as blunt as possible.

We have found a property we like costing £160000.

I have £50000 deposit but she has none.

I earn about £18000 per year and she £17000.

She says that I should get the mortgage by myself seeing I am the one with the deposit but I want her to be part of it. Is it possible for her to own a percentage of the property.

Worried I wouldn't be able to get a mortgage by myself anyway.

Would just like some advice from people who have been in a similar situation.

Thanks

But she is worried that if for some reason we break up she is gonna lose her first time buyer status. Is that such a big deal?

I'm not saying you aren't happy together as a couple but I suggest she isn't ready to buy a house yet.

If I were you id find out how much you can borrow and buy a house within that budget. If you split up it will save you a whole load of trouble.

On the other hand if you stay together, marry, have kids you can add her to the mortgage and buy somewhere bigger and better.

Though I think after two years of marriage she will be entitled to half anyway though (regardless of declaration of trust) I'm really not sure on this last point. Anyone know?

TBagpuss

SavingPennies wrote: »

Though I think after two years of marriage she will be entitled to half anyway though (regardless of declaration of trust) I'm really not sure on this last point. Anyone know?

No. There is no automatic right to half and nothing magic about 2 years.

If you marry, then the declaration of trust will still exist, but if you were to subsequently divorce, a judge would have discretion to split things differently, s/he wouldn't be bound to follow the declaration of trust (although you could have a pre-nuptial agreement if you wanted)

On a divorce the court has to decide what is a fair settlement, looking at all the circumstances - the longer you are married, the less relevant is is who paid for what.

SavingPennies_2

TBagpuss wrote: »

No. There is no automatic right to half and nothing magic about 2 years.

If you marry, then the declaration of trust will still exist, but if you were to subsequently divorce, a judge would have discretion to split things differently, s/he wouldn't be bound to follow the declaration of trust (although you could have a pre-nuptial agreement if you wanted)

On a divorce the court has to decide what is a fair settlement, looking at all the circumstances - the longer you are married, the less relevant is is who paid for what.

I stand corrected, but at least the OP has gotten an answer

I thought pre-nups were pretty much worthless in this country? thought they are more common in America?