Boyfriend Not Saving

phillw

Sambella wrote: »

If you are giving the £50k to Dad won’t you still need a deposit to get a mortgage on the amount you need to borrow (reduced by £50k) to buy it?

I assumed it was the same 50k.

They give 50k to conveyancer, mortgage company gives the rest. The mortgage company money pays off the dads
mortgage, dad gets the 50k.

han_nah95_2

gettingtheresometime wrote: »

It does sound strange that your boyfriend doesn't want to buy the property, at some point in the future at today's prices but there again I know if I keep on pressing a point, then hubby will go into stubborn mode with an argument soon following - and tbh I'd predict that if you keep on at him, I wouldn't be surprised if you split up. For the last couple of months I've just left it and hoped he would do it on his own, I admit I was probably too pushy at the beginning when he first suggested it (i think i was a bit too excited) but I backed off quite quickly as soon as I realised if he was pushing me I probably wouldn't like it.


It may be as something simple as I'm 24 I don't want to be saving and not having fun or having a mortgage. He may, as hubby sometimes does, agreed with you to buy the house because it gave him a quiet life I'm starting to sense this may have been the case - but what I'm struggling with the most is he suggested it so what has changed his mind? The realisation of having to save? Although we both looked at finances and agreed a amount we would both be comfortable with.


My advice would be to drop the 'we'll pay dad off in 5 years' tack and take up the 'we'll save £50,000 as soon as we can and see what we decide then' attitude This is the approach I have taken with the if we can see it going up each month it will keep us motivated


You may decide that you don't want to live in the house by the time you've saved up this amount, or that you do and you want to buy it off your dad - after all the price isn't going to go up is it?

Nope, price isn't going to go up. We either pay the money back and have the house or we use it for a deposit for another house, we wont have lost anything.

han_nah95_2

phillw wrote: »

Does that matter? They don't seem suitable for each other.



If it's in both your names then you'd have to specify what the split of the property was when registering with the land registry, the standard is 50:50. Having a different split would likely probably need agreement from the mortgage provider though.

If it's registered 50:50 but he's not paying into it then it gets messy if he decides to sue you for half.

It is currently in dad's name and as soon as money is transferred it will be in both of our names with a 50/50 split

han_nah95_2

Hermia wrote: »

Has this been made clear to the bf? And have you promised his name will go on the deeds the moment he hands over his half of the deposit? I wonder if he might be withholding his money because he is worried he could end up with nothing in a split. I have known parents really turn against their child's partner in a split (especially if the partner was to blame for it) and encourage their child to give their partner nothing. He might feel the odd one out if you are close to your dad. Or he might just be wondering if he is still too young for all this.

Yes, and we are both now thinking of it as we are saving for a £50,000 deposit (we already have £20,000) for a house whilst renting the house we are in (i try not to say dads house incase that's the problem) I'm thinking maybe he has thought about it and has decided against, but he is normally really open so I'm not sure.

Guest101

han_nah95 wrote: »

It is currently in dad's name and as soon as money is transferred it will be in both of our names with a 50/50 split

You will still need a mortgage! This is the bit that keeps cropping up

han_nah95_2

Guest101 wrote: »

You will still need a mortgage! This is the bit that keeps cropping up

phillw wrote: »

I assumed it was the same 50k.

They give 50k to conveyancer, mortgage company gives the rest. The mortgage company money pays off the dads
mortgage, dad gets the 50k.

Obviously it may be different by the time with the world and everything for us to actually get a mortgage but we could get a mortgage last July with a £20,000 deposit on this house so anything is possible. But I am aware things may change drastically

pearl123

In a thread on 19th July this year said that you had a mortgage and and brought the property off your Dad!

han_nah95_2

pearl123 wrote: »

In a thread on 19th July this year said that you had a mortgage and and brought the property off your Dad!

That was the plan - halfway through the process bf "freaked out" and decided not too. Hence we are now renting it and saving again to buy it. Maybe I should just accept a year down the line even if he suggests it, it wont happen?!

Kayalana99

Guest101 wrote: »

You will still need a mortgage! This is the bit that keeps cropping up

Yes, she has actually mentioned that she will get one multiple times! Given they have an excess income of £700 to save + rainy day money + paying £750 a month I think they will be fine!!

The mortgage isn't the issue at all!

gettingtheresometime

Can I just ask where your friends are in their lives?

have they got mortgages or are they renting?

Could it be that once they start saving that he'll see the point as well? My son was told for years to save but it was only when he could see the point did he.

The other thing is could he actually not want to buy the house your in? Is your dad the sort of person to harp on about what a gift he's given you both? As someone said what do you think your dad's reaction would be if you'd given him the £50k, took out a mortgage between you & then split up - would your dad think hang on I'm not giving him £25k? (There was a thread on here very recently where that had happened & the partner's father had effectively demanded payment for the work he'd done)

Honestly I think your best bet is to drop it but carrying on saving - you'll be in no worse a position should you buy the house now, in 5 years time or 8 years time given the price of the house isn't increasing.