What would you do..geberal advice / opinions

rllowe1

I have recieved a very reasonable lump sum as inheritance which is to be used for a house deposit.

I am currently at uni in the north. my partner lives in the midlands, and it has always been my intention to move back to the midlands.

I currently don't work but my partner does ( i should be starting soon). We both rent.

I think it would be sensible to (at least consider) buying a house in the midlands, he lives there and when I graduate I move in.

My theory for doing this is
a, morgatge payments would be nearly a quarter of what hes paying in rent
b, with those savings we could see each other more
c, when I do visit we would have more privacy

however, he has the romantic notion of waiting til I graduate so we can move in together and do it 'properly'

(p.s before a few people say it wont be fair as he would be paying the morgatge the deposit that I would be putting down would be more than his annual salary)

I know it's not something we should rush into but thoughts and general opinons?

Pixie5740

Unless you are planning on gifting him the deposit you'll both need to go on the mortgage. I'm not sure if that will be an affordability issue since you're still at university.

I think your partner is right to wait until you graduate. You don't know where you'll end up getting a job.

I don't what your situation is but I've known a fair number of couples where one has moved away for university and they've managed to keep the relationship going throughout university only to end up splitting up once they are both living together, or near each other.

rllowe1

I've briefly spoken to a morgatge adviser and i would still go on the morgatge just with nil income, but he said that woulldn't effect it.

I've lived away from my parents for over 5 years so have plenty exp running a house

I don't know what to about the may split up thing, we're both optimistic and positive about our relationship.

Annisele

Does your partner actually want to buy right now? Sometimes "romantic notions of waiting" are actually "I'm not ready right now".

From the sounds of it, you can't buy alone (because you need his income), and he can't buy alone (because he needs your deposit). So, unless you're both sure you want to buy now, you shouldn't.

Are you going to graduate this summer, or will it be a few years? If you'll graduate pretty soon, *and* you've got a good idea of where you'll be working, you might as well start house hunting early. If not, I think waiting would be a goo idea.

rllowe1

When we've spoke about it I think he finds it all overwhelming, and is a bit rabbits in headlights about it. I on the otherhand have been researching buying a house since I was about 14 lol
I know there's not much chance of us buying now but I thought maybe just doing a little research together would help. I don't want to wait (2 years til I graduate) and start from scratch from the very begining?

Pixie5740

A lot can happen in 2 years and if your boyfriend feels like a rabbit caught in the headlights then I think it would be foolish to rush into buying somewhere with him now.

If your relationship goes down the pooper you'll be in the weaker position because you wouldn't be resident in the property and would be busy studying in another part of the country.

It doesn't really matter what we think though. If he doesn't want to buy a property with you now there's not much you can do about it.

rllowe1

I'm not planning on rushing. I wanted to know would you start looking at options / processes now so when we are nearer to being ready we know what we are doing or just completely forget about it all until then?

Annisele

I don't understand what you mean by "looking at options/processes".

It's possible to go from "I'd like to buy a house" to "I have the keys" in a few days - the quickest I've ever seen was less than 48 hours (admittedly a cash purchase). By all means hang around on these forums for a while; if you read enough threads you'll see most of what can go wrong! But I don't think you need to be spending the next two years educating yourself on house buying. You'll probably drive your partner utterly crackers if you try that.

G_M

Go onto the investments board here and tell them how much you have, what your current needs/income/savings etc are, and what your longer term plans (ie boyfriend joint purchase) etc.

Get advice on how to save or invest this money on a 2 - 3 year basis.

By then, boyfriend will have escaped the headlamps and hopped to the side of the road, or he'll have been run over.

rllowe1

Well neither have us have bought so we would need to know what kind of morgatge would suit, what kind of property we actually want, how the buying process actually works, seeing a financial adviser to see if we could actually afford to do it. I'm sure it may be complicated but that's why I want to look into it x

rllowe1

G_M

I've been told they'll be kept in premium bonds until we're ready to use them. As the money is a gift that's non negotiable.