PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Is my partner crazy...or am I?

Options
Story behind thread:
I work in a reasonable job, long hours, stressful at times but the conditions of pay aren't bad.
Over the past year i've been dating a girl and we have been living together for most of that year. Currently we both get flats as part of our job salary package (No bills - just a flat rate of £120/month all inclusive). Currently I get around £31000 + Flat + other benefits. If I decide I don't need the flat anymore i get an additional £4000 onto my salary.
Recently my partner has been suggesting we buy a house together. Obviously having more room than a flat would be great but i've been telling her that the package we've got is worth sticking to, despite the pay rise.

Is it worth sticking to what we've got OR would the benefits of a pay rise and jumping onto the property ladder outweigh the risks?

I'm of the opinion that we should stay where we are, am I just playing it too safe?

Other points:
  • Rough annual pay rise is around £3-4k
  • House prices around where I am (Yorkshire) are very reasonable
  • I've never had a property prior
«13

Comments

  • Mossfarr
    Mossfarr Posts: 530 Forumite
    Ninth Anniversary Combo Breaker Hung up my suit!
    It sounds to me you are not ready to fully commit to buying a house together. Why don't you give up one of the flats and take the opportunity to save save save so you have a decent deposit when you feel more ready.
  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
    Ninth Anniversary 1,000 Posts
    Can you take the £4000 pay rise and move in with GF?
    How do you feel about that prospect?
    Have you both been paying the £120 each to retain your "own" places?
    Why?

    It's a compromise to see if the living in one place suits you both with the bonus that you could be saving £4000 towards a long term purchase if it all works out well.
    in S 38 T 2 F 50
    out S 36 T 9 F 24 FF 4

    2017-32 2018 -33 2019 -21 2020 -5 2021 -4 2022
  • robatwork
    robatwork Posts: 7,266 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    That's a fantastic perk worth thousands - more than 4!

    Live together in one of the flats for a year. If you don't kill each other then consider buying a house.
  • ACG
    ACG Posts: 24,535 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I can see both sides.
    Being in that flat is costing you £4k + £1440 pa (before tax and BIK are taken into account) - so £450 a month.

    I have no idea what the rent is like where you live, but it does look like a pretty decent deal.

    That being said, if you had a Mortgage, you would be paying down the Mortgage each month and in time own the place outright. Plus if prices go up, you will be benefiting from that also.

    Personally, I would buy (put my job to one side as I am looking at this as an individual not a broker), but I can see your view on it.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    When you say you've been living together for most of that year have you really been running a single household together or just staying round at each others a lot? I wouldn't jump into a mortgage with someone I hadn't properly lived with first.
  • I forgot to mention - she has two cats at her own place. I'm an absolute clean freak and don't really want any pets at mine - that's why she hasn't given up her flat!
  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
    Ninth Anniversary 1,000 Posts
    So where are the cats going if you were to buy jointly?
    Are they the issue of why you don't want to progress this further.
    in S 38 T 2 F 50
    out S 36 T 9 F 24 FF 4

    2017-32 2018 -33 2019 -21 2020 -5 2021 -4 2022
  • letitbe90
    letitbe90 Posts: 345 Forumite
    You know her for around a year - sounds a bit crazy to buy a place (jointly at that) imo. Not to be cynical but, you need to consider all posibilities.
  • westernpromise
    westernpromise Posts: 4,833 Forumite
    So where are the cats going if you were to buy jointly?
    Are they the issue of why you don't want to progress this further.

    The perfect compromise is to have the cats stuffed.
  • Genuinely no idea what to do about the cats. Maybe one of those outside cat home things?
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.7K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.