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cohabiting - what would you do?

bobcratchit
Posts: 33 Forumite


I'm about to buy a flat and for my girlfriend to move in next year.
I will be putting down all the deposit and my name will be on the mortgage as she doesn't have any equity to speak or earns enough.
We are both new to cohabiting and so although we are looking forward to sharing a house we don't quite know how to negotiate the best way to move forward on sharing costs
What would do MSE'ers think would be fair and equitable way of splitting the bills/mortgage payments?
We are looking long term re: the relationship but you never know what might happen and so we wont to be sure we do the right thing by each other financially. We are aware of Declarations of Trust but it's the detail of what goes in there that's the issue.
The figures are - I will have 200k deposit and purchasing a 350k house. So the mortgage will be 150. Bills will be 250 - 300 a month.
The repayments on that mortgage will be roughly 800 a month.
Any help gratefully received.
I will be putting down all the deposit and my name will be on the mortgage as she doesn't have any equity to speak or earns enough.
We are both new to cohabiting and so although we are looking forward to sharing a house we don't quite know how to negotiate the best way to move forward on sharing costs
What would do MSE'ers think would be fair and equitable way of splitting the bills/mortgage payments?
We are looking long term re: the relationship but you never know what might happen and so we wont to be sure we do the right thing by each other financially. We are aware of Declarations of Trust but it's the detail of what goes in there that's the issue.
The figures are - I will have 200k deposit and purchasing a 350k house. So the mortgage will be 150. Bills will be 250 - 300 a month.
The repayments on that mortgage will be roughly 800 a month.
Any help gratefully received.
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Comments
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You must must must not split mortgage payments.Trying to be a man is a waste of a woman0
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Thankyou for the reply. Why is that?0
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bobcratchit wrote: »Thankyou for the reply. Why is that?
I'm assuming you don't want to just give her part of the flat should you split? If you take money from her specifically for mortgage payments she could argue she's paid towards the flat and is entitled to part of it.
Work out her total contribution without labelling anything as mortgage and you should be okay.Trying to be a man is a waste of a woman0 -
Because if you split up she has a claim to part ownership of the property as she has paid part of the mortgage. Which is fine if you are buying it together but can cause all sort of problems if that isn't your intention0
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bobcratchit wrote: »We are looking long term re: the relationship but you never know what might happen and so we wont to be sure we do the right thing by each other financially. We are aware of Declarations of Trust but it's the detail of what goes in there that's the issue.
Protecting your deposit is the key issue.
Thereafter it's down to how you view your partnership. As equals or on financial contribution made.0 -
Split the utilites and food between you, and she should be very grateful that she can save some money by not paying property costs - mortgage and buildings and contents insurance.
Think of her as a lodger who doesn't have to pay any rent......................I'm smiling because I have no idea what's going on ...:)
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Yes I suppose my main concern is protecting my deposit and then obviously longer term if we are together then that all changes. I have no idea though on how to work out the maths re: mortgage. I suppose all this detail would go into a declaration of trust?0
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If you've never even lived together then take things slowly.
Split all bills not related to home ownership evenly (ie don't include buildings insurance or mortgage payments - you as owner should pay these).
Charge her 'rent' between £0 (if you're feeling generous) and the market rate for half a comparable house.
If you want to sign some of the house over to her later then you can (ie via Deed of Trust etc).0 -
I Own my house and my oh gives me board money every month.0
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If you've never even lived together then take things slowly.
Split all bills not related to home ownership evenly (ie don't include buildings insurance or mortgage payments - you as owner should pay these).
Charge her 'rent' between £0 (if you're feeling generous) and the market rate for half a comparable house.
If you want to sign some of the house over to her later then you can (ie via Deed of Trust etc).
But I can use her rent to pay some of the mortgage?
So she would just be regarded as a lodger?0
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