Keeping GF off mortgage?

duchy

Actually I sort of agree with you.
I believe far too many people move in together and buy before they really should . Renting *is* expensive but so is untangling yourself legally from a joint mortgage when a relationship doesn't last. The emotional cost tends to be higher with the latter though -and can translate into a huge mess financially too because of that.
Legal agreements don't make provision for emotional investment in a property.

AngelOfTheNorth

Yes. I would rent first too. Even just for six months. Try not to think of it as wasted money, but rather something that's being spent on establishing whether you'll be happy living together or not. Prices are by no means guaranteed to rise anyway, so you could end up getting a cheaper home out of it.

C_Mababejive

If i were your GF, i would not enter into such an arrangement.

ACG

6 months renting is really still the honeymoon period in my eyes. Its about a year in when it all starts to go downhill (joke). Renting for 6 months isnt enough and part of those 6 months would be spent looking at new houses so your concentrating on that rather than the quirks of each other that annoy you.

If she is only paying half towards the bills/food then there is no argument as to who owns the property. It gives the gf time to build up an even bigger pot of money so when it comes to remortgaging they can get a much better deal and the 2 of them are contributing to the mortgage so everything becomes even easier.

Personally I think its a good way of doing things.

McKneff

If I was your girlfriend we wouldn't be together another six and a half minutes.

Mojisola

lol_omg_!!!!!! wrote: »

I have suggested that as we have never lived with each other i should get a mortgage in just my name. I will put down the deposit and pay the full mortgage for the initia 2/3 year term.
We will split all other bills and living costs equally.
Then she can add her deposit if we decide it works after initial term.

I think it's a very sensible plan and it's a method used by a lot of couples, especially where one already has got a property and the partner is moving in.

Your GF pays an amount (half the mortgage, at least) into an account and lets that build up - if living together doesn't work, she can walk away with her nest egg and there are no complications about having to buy her out of the house. She will have lived for however long it is rent-free so shouldn't mind if she has contributed towards buying bits of furniture, etc.

If everything goes well, her lump sum can become joint savings (and she becomes a joint owner) or be used to buy into the house.

hugheskevi

I'd echo those suggesting renting first.

Rather than viewing it as money down the drain, consider it as an investment in research, similar to the way you might pay for an AA inspection of a vehicle before purchasing it.

You presumably know the area in which you wish to purchase, and signing a 12 month contract with 6 month break clause would allow you time to live together with the flexibility to arrange to move in the second half of the contract if all goes well.

As well as learning a bit more about the area, you will also be better informed about what features in a house you value and would want in your own property, and which you don't value so much. For example, you might start out thinking that you will do lots of cooking so want a big kitchen, but in practice not end up doing that. Or think that you will socialise a lot in the local area so be willing to pay a premium to live near good shops, cafes, etc, then find that your socialising tends to be further away so the premium is not worth paying.

The extra information you get about how things go when living together, running a household, more detail about the area and your own preferences regarding house design will all be very useful in avoiding making a bad decision, and ensuring that the decision about where and what to purchase is based on as good information as possible.

As to your proposed arrangement, I see it as fine - I did much the same thing myself 5 years ago. I'm still the sole owner of my house, next time we move it will be to joint-ownership with my now wife.

ACG

hugheskevi wrote: »

Rather than viewing it as money down the drain, consider it as an investment in research, similar to the way you might pay for an AA inspection of a vehicle before purchasing it.

You old romantic you.

AngelOfTheNorth

Ha! He's right though. I do think wherever possible, it's best to do a 'test run' of living with a partner with as few ties as possible before making a bigger commitment such as property. Or anything that ties you in any further than a short term AST. The idea being it's possible to walk away with as little fuss as possible if it doesn't work out. Buying without having previously cohabited is usually a risk you don't have to take, so it seems sensible to use that opportunity.

Goldiegirl

Would you feel quite so happy about this arrangement if it was her buying the property in her sole name and you were the one who was just the lodger?

If you think you wouldn't be happy about it, then why would she be happy about what you are suggesting?

Really you should be entering an equal partnership and that means both parties owning the property that you both live in.

If you want to give it a trial, rent for 6 months first - then you can both walk away if it doesn't work