Boyfriend Not Saving

dannyiddo

None of this makes any sense. You had the chance to buy and pay £420 mortgage, but he freaked and wanted to pay £750 rent? Please explain.

It sounds to me like he has financial problems he doesn't want to disclose. Maybe gambling? Otherwise it's all just very odd.

Also I can't understand why your dad bought a house to then sell to you? Unless you mean your dad got the mortgage for you and you were going to pay it. This is very dodgy and you can't do this anyway!

I hope you can clarify things better.

lika_86

han_nah95 wrote: »

Before we were just going to buy the whole property off my dad - obviously partner changed his mind halfway through so we pulled out. Now we are paying £750 rent and was hoping to save £350.00 each a month to pay off the deposit to eventually buy it.
It's hard to explain over computer but it makes sense in the head

Presumably the buy to let deposit is much greater than a residential deposit (ie. usually 25% plus, whereas a normal mortgage requires only 10% usually). You'll have to take on a residential mortgage and so redeem the existing one, so you may need less money in savings than you think.

Guest101

han_nah95 wrote: »

Before we were just going to buy the whole property off my dad - obviously partner changed his mind halfway through so we pulled out. Now we are paying £750 rent and was hoping to save £350.00 each a month to pay off the deposit to eventually buy it.
It's hard to explain over computer but it makes sense in the head

And only in your head.


Try this!


House is worth x (atleast £150,000)
Your dad puts down £50,000
- 4 years ago.


For 4 years you've been paying £750 pm, or £36,000 in total. and received nothing back (I mean that's fairly standard in rentals, but your dad bought this property for you)


Now, you're going to be paying £750 per month, and £700 per month, so £1450 per month
- so £87,000 = giving a total of £123,000 spent on this house.


That's very nice to own outright, but your dad hasn't spent anywhere near that amount on it! How was this in anyway a fatherly deal??!!

han_nah95_2

Guest101 wrote: »

And only in your head.


Try this!


House is worth x (atleast £150,000)
Your dad puts down £50,000
- 4 years ago.


For 4 years you've been paying £750 pm, or £36,000 in total. and received nothing back (I mean that's fairly standard in rentals, but your dad bought this property for you)


Now, you're going to be paying £750 per month, and £700 per month, so £1450 per month
- so £87,000 = giving a total of £123,000 spent on this house.


That's very nice to own outright, but your dad hasn't spent anywhere near that amount on it! How was this in anyway a fatherly deal??!!

Because we haven't paid that much back - so it is still currently a fatherly deal.


Apologies I haven't explained this properly - I think its fair to say my partner isn't interested in having the property and possibly been saying what I wanted to hear. All I ever wanted what other opinions if I am being too pushy by setting a deadline for what he suggested.


Thank you for everyone's input and its fair to say I just need to work out if this is the person I want to spend the rest of my life with.

*max*

I might be a bit dim, but this doesn't make a lick of sense.

Was the original plan for your dad to buy the house, with you paying him back the deposit, and him paying the mortgage and putting the house in your name? Or were you going to pay the mortgage too? In which case, why didn't your dad just give you the deposit which you could repay him?

If you were not going to pay the mortgage, just the deposit: why on earth are you now renting it off him instead of using that money to repay the deposit?

I'm lost.

Guest101

han_nah95 wrote: »

Because we haven't paid that much back - so it is still currently a fatherly deal. - Well how? So far you must've paid £36,000, which is 72% of the deposit. Can you explain it?


Apologies I haven't explained this properly - I think its fair to say my partner isn't interested in having the property and possibly been saying what I wanted to hear. All I ever wanted what other opinions if I am being too pushy by setting a deadline for what he suggested. - I think you haven't worked out that this isn't a good deal, he has, and so has backed away from the idea.


Thank you for everyone's input and its fair to say I just need to work out if this is the person I want to spend the rest of my life with.

Your father? I think your stuck with him.


Christ if I couldn't look myself in the mirror if I tried to make £70k at the expense of one of my children!

Guest101

*max* wrote: »

I might be a bit dim, but this doesn't make a lick of sense.

Was the original plan for your dad to buy the house, with you paying him back the deposit, and him paying the mortgage and putting the house in your name? Or were you going to pay the mortgage too? In which case, why didn't your dad just give you the deposit which you could repay him?

If you were not going to pay the mortgage, just the deposit: why on earth are you now renting it off him instead of using that money to repay the deposit?

I'm lost.

Father is charging daughter £123,000 on essentially a £50,000 investment


I know there'll be some interest to repay, but it's unlikely to be £73,000.

FBaby

Whatever the plan, whatever father is doing in terms of tax, the issue here is your boyfriend commitment to you and the house.

He freaked out at the last minute, clearly not a budget issue since he would have been paying less, so sounds like he freaked out at the prospect of being financially linked with you.

He still feels the same as he doesn't even want to invest in the property at all. He doesn't know how to tell you because when he does, his feelings will come out and you will question whether to continue with the relationship and he is not yet ready to move on (either because he does have some feelings for you, is scared of being on his own, doesn't have anywhere to go).

han_nah95_2

Guest101 wrote: »

Your father? I think your stuck with him.


Christ if I couldn't look myself in the mirror if I tried to make £70k at the expense of one of my children!

He bought the house in 2012 (MY FAULT I got the year wrong) in 2013 I was paying him back monthly. To date I have paid back £3,500.

Last year me and my partner decided to buy the house from him - I would have got my money back to put towards my deposit. My Partner freaked and we didn't buy it. We moved in and rented (completely separate to us buying it) it for £750.00 per month. This was to cover the buy to let mortgage, insurance. We fixed the mortgage for another 5 years - hence I cannot get my own mortgage out on it until this has expired (without paying anyway)


4 months ago my partner suggests paying dad back his £50,000. spoke about it, budgeted and we came across the £350.00 each per month to give us the total of about £33,600 the rest would come out of our already saved deposits - we would be over about £5,000 (put toward solicitors etc.) all he wants is the £50,000 back.


I can see where you get your figures from but he isn't making any money out of the house.

han_nah95_2

FBaby wrote: »

Whatever the plan, whatever father is doing in terms of tax, the issue here is your boyfriend commitment to you and the house.

He freaked out at the last minute, clearly not a budget issue since he would have been paying less, so sounds like he freaked out at the prospect of being financially linked with you.

He still feels the same as he doesn't even want to invest in the property at all. He doesn't know how to tell you because when he does, his feelings will come out and you will question whether to continue with the relationship and he is not yet ready to move on (either because he does have some feelings for you, is scared of being on his own, doesn't have anywhere to go).

Thank you. Since writing this and maybe I didn't explain myself properly as it is on my partner not my father or the house. It is starting to make sense that obviously he isn't being honest (feel a bit stupid declaring it all out here) but it has made me see it from a different angle. I just don't understand why he would suggest paying it back and now not bothering?! Obviously you cant answer this. Thank you x