Shared Mortgage?

secrectmarketer

My partner & I have been together just over 3 years. We have been planning to buy a house in 3 years so started to save money for the deposit. She is at uni so can't really save money meaning I will be providing 100% of the 20k deposit. Should I buy the house in my name or allow her to be on it too? I see to many people splitting up and having to give half to the partner even though they invested more.

Don't get me wrong...I love my partner. But truth is you never know what will happen so I want to keep a level head on this decision. My plan is to talk to her about it once I have answers from you lovely people

Zeebs90

Are you both contributing equally to the mortgage payments? Me and my boyfriend are having a deed of trust drawn up by the solicitor which protects the deposit (it's being provided by my family) and means that the remaining equity would be split between us.

secrectmarketer

I believe we will be splitting the payments equally. If you don't mind me asking, how much did it cost to get the deed drawn up? Sounds perfect to be honest

Zeebs90

We are paying £150 + Vat although I'm not sure what other solicitors would charge, hopefully it will never be needed but we are all in agreement it is worth it for that peace of mind

Mr.Generous

The other way of doing it is to split the proper by %,

so if the house costs (say) £200k you already own 10% of it from deposit,
split the remaining 90% into equal shares, so she owns 45% and you own 55%.
I would imagine you are not going ahead with the expectation of splitting up so this should be enough. If the value goes up you stand to gain, if it falls you loose.
20k is a decent deposit, probably wise to do something.

secrectmarketer

Thanks for your help guys! Like you said, I don't expect to split but it would kill me to see 20k down the drain because I was to lazy to do anything in the first place

Thrugelmir

To save costs have a good idea of what you would both like the DoT to contain before seeking advice. Time costs money so maximise your solicitors.