What to charge my boyfriend in rent?

Memorex

Hi, I have not yet purchased the property but its starting off. Plenty of time to fall through :eek:. I have just got my first job and due to a recent death in the family came into enough money to purchase my first house. My income is 1800 a month, mortgage around 1100 including intrest, bills around 300. I need 300 a month for travel. So its not like I own the property or am well off enough to support him.

He is still a student in university and is unemployed although he does get some extra due to disability and a recent death in his family means he is quite well off (100k ish). Only mentioning as otherwise I sound like a horrible person . He has OCD/Autism and spends around 2 hours a day in the shower. I also couldn't say we will split groceries or something as he wont be able to manage his money.

I thought that I would ask him to pay the equivalent of all the bills and the inflation on the mortgage? This would be around 350 to 400 a month? Or do you reckon I should ask him to get me my travel card for the year (2800!!!!:eek:) as a present and pay the water bill? although that would not be a permanent solution... I have no idea how to do this and I need to figure out what Im going to ask as what ever I suggest he will agree to. I enough that I wont need to budget my self insanely and resent him, but I also need to be fair . Any Ideas?

Sorry for all the text, first job, first house (only lived at home and in halls of residence), first long term boyfriend, generally have no idea what I'm doing. Also is their anyway he could argue that any portion of the equity is his if he is giving me an informal amount of money each month?
Thanks :T

marliepanda

I assume by inflation you mean interest.

Are you SURE youre going to get a mortgage for £1100, PLUS interest on a £1800 salary. Thats crazy.

After bills and travel, plus whatever 'interest' is, youre going to have barely anything...

sleepymans

BF is a lodger, charge him max rent contribution...and watch him squirm

anselld

Memorex wrote: »

spends around 2 hours a day in the shower.

Make sure he pays the water and energy bills for starters then!

[Deleted User]

Some thoughts, but not an answer

Bills about £300? Are you sure... Gas, Electric, Water, TV license, Property/Content insurance, Phone line rental, Broadband. Anything else? Food!?

What exactly is mortgage inflation?

What happens if/when you split? Are you going to be able to pay all the bills yourself? Will you need to rent a room out to someone else? A £1100 pm mortgage on a £1800 income sounds crazy and I don't know how you'll borrow that money.

Memorex

Whoops I meant including interest.
But yeah, took some arguing. My current job has flat increase in wages in 2 years to 2100 a month ( so i have hope for the future ) and I had a large deposit, so the mortgage covered 60% of the cost of the property. So I guess the bank decided that even if I couldn't pay they would get their money back?

marliepanda

Memorex wrote: »

Whoops I meant including interest.
But yeah, took some arguing. My current job has flat increase in wages in 2 years to 2100 a month ( so i have hope for the future ) and I had a large deposit, so the mortgage covered 60% of the cost of the property. So I guess the bank decided that even if I couldn't pay they would get their money back?

So what is your mortgage payment including the interest. (you editted your post after I posted, however the rest still stands)

Because if its £1100, PLUS interest, on 60% of the house, I can only imagine your bills and council tax are going to be WAY higher than £300.

Put it this way, our combined salary is roughly double your current salary, our mortgage is £450, and our bills are £340, then we have food to pay for, travel, mobile phones.

You can't afford it. If you split up you cannot pay the mortgage, bills and travel all by yourself. Youre overstretching and Im extremely surprised you've had a mortgage offer of this amount...

Memorex

Ideally I would rent to someone else, but parents say they would cover living expenses for me if that occurred until the increase in wages in 2 years. Is very unlikely though.
And I have got absolutely no idea in reality how much bills would come to , 2 bed terraced house, That number came from a probably very conservative guess from online sources. As stated was a very tricky to get morgage, can only JUST afford it.

[Deleted User]

You know that the only way interest rates are going is up, right?

marliepanda

Memorex wrote: »

Ideally I would rent to someone else, but parents say they would cover living expenses for me if that occurred until the increase in wages in 2 years. Is very unlikely though.
And I have got absolutely no idea in reality how much bills would come to , 2 bed terraced house, That number came from a probably very conservative guess from online sources. As stated was a very tricky to get morgage, can only JUST afford it.

£1100 on a 2 bed terrace, for 60%?

God I'm so glad to be a Northerner, no matter how grim it may be!

Memorex

Fixed for 5 years, and by that point I would be able to afford an interest of up to 15%, again JUST. Believe me i know it will probably turn out to be a huge mistake, but needed to move for work and... just seemed better than renting which will cost same amount of money ish.