Boyfriend Not Saving

Guest101

han_nah95 wrote: »

He bought the house in 2012 (MY FAULT I got the year wrong) - I don't think that's the issue! in 2013 I was paying him back monthly. To date I have paid back £3,500. - So you are paying £73 a month? Are you sure?!

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 - I thought you were already there?! (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) - Ok even if your original figures are correct (which just doesn't make any sense!) that's still £90,500.


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. - Well no, he want's the £50,000 + the rent. But what doesn't make sense is the mortgage, how is he intending to pay that off??? presumably it's more than £50,000?


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

He definitely is. But let's leave that to one side. What happens to the mortgage after you pay the £50,000?


If you're telling me you'll still be paying the mortgage, then that is a massive rip off. You'll have paid £90,500 to get £50,000.

han_nah95_2

My post wasn't to do with me and my father it was down to trying to get an insight if I am in the wrong for budgeting with my partner when he wants to buy the house by paying my dad back

lika_86

han_nah95 wrote: »

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.

He will get the £50k back when he redeems the mortgage, that doesn't mean you need to raise £50k (as noted before, residential properties usually require a much lower deposit).

That's all by the by though.

Guest101

han_nah95 wrote: »

My post wasn't to do with me and my father it was down to trying to get an insight if I am in the wrong for budgeting with my partner when he wants to buy the house by paying my dad back

But the two are linked completely. So perhaps he doesn't want to go ahead because the figures don't add up, but accusing your dad of ripping you off isn't the best thing to do? So instead he's taken a step back?


Surely if I'm wrong it's a simple answer?

warby68

han_nah95 wrote: »

My post wasn't to do with me and my father it was down to trying to get an insight if I am in the wrong for budgeting with my partner when he wants to buy the house by paying my dad back

True but the nature of the 'deal' might be affecting your boyfriends view and he might find it difficult to say potentially negative things about dad to you.

getmore4less

The solution is simple.

You keep saving your bit and let the BF do it his way.

If he is still around when you ha your £25k saved see how much he has.

If not enough you either keep saving or wait till he has his share.


How much was the place £750pm could be a very tasty yield for your dad.

By the time you are in a position to buy it there could be a CGT bill for you dad.

Seems fairly straightforward to me, you are paying 750pm rent and trying to save a deposit to buy somewhere possibly this place.

Guest101

getmore4less wrote: »

The solution is simple.

You keep saving your bit and let the BF do it his way.

If he is still around when you ha your £25k saved see how much he has.

If not enough you either keep saving or wait till he has his share.


How much was the place £750pm could be a very tasty yield for your dad.

By the time you are in a position to buy it there could be a CGT bill for you dad.

Seems fairly straightforward to me, you are paying 750pm rent and trying to save a deposit to buy somewhere possibly this place.

Except the house was supposedly bought for her.

gettingtheresometime

I'm confused.

OP, was the house initially bought solely by your dad or was it between you & your dad, with him putting down the £50k deposit either way

am I right in then saying, you were going to buy the house off him for the value less £50k but that fell through so you ended up renting it for £750 pm ?

So let's assume for a minute that you both have saved up £50k to repay your dad what happens then?

Does your dad 'sell' you the house, assuming that it's in his sole name for £50k or does your dad sell his share for £50k and you & your other half take on the outstanding mortgage.

I think the reason people are so hung up on the financial aspect is that the answer is a good indication of why your boyfriend seems so reluctant to save

getmore4less

Guest101 wrote: »

Except the house was supposedly bought for her.

Not as a gift.

Primrose

I think your boyfriend has both saving and commitment issues.
I would set up a savings account in your name, pay any funds to your dad in your name, and have any house rental or mortgages in your name until you boyfriend can come up with a long term history of saving this share of the bargain.


If he's freaking out at this kind of commitment I'd be very wary of getting involved with him financially in any way.