Help Ex Partner with Deposit for new home

SingleDad101

Mojisola wrote: »

If she's terrible with money, will she be able to keep up with the mortgage and maintenance and repair costs?

Wouldn't she be better off in a rental?

I am trying to persuade her into a rental but she is a very stubborn woman!

Ms_Chocaholic

Where is she living now?

MovingForwards

How many kids and what ages? I get you want to make sure they have stability hence the idea of a house but do you honestly want to use the money you have saved for their future/house deposit? Could you afford to replace it if your ex was given it as a deposit towards a property and it went belly up?

As much as you want to help / do something you are going to struggle witj finding a way to do what you want.

sparkey1

I cant help thinking that buying a house for your ex partner who has money issues is going to not work out well.

minimike2

There is a product which allows you to use your cash as a surety which she can't touch and then get a mortgage of up to 100% of the purchase price. If her income is sufficient to support the mortgage then it could be ideal for what you are looking to achieve.

getmore4less

^^^^^^^
If she can support the 100%/95% mortgage then the Barclays springboard may work but
Not sure if you can go lower LTV with that .

The lender that comes to mind for offset product if there is a bigger deposit is YBS offset plus.

I think Barclays have dropped their family/friends options on their offsets mortgages a few years back.

There may be another lenders offering that option

SingleDad101

Ms_Chocaholic wrote: »

Where is she living now?

We are still living together

SingleDad101

MovingForwards wrote: »

How many kids and what ages? I get you want to make sure they have stability hence the idea of a house but do you honestly want to use the money you have saved for their future/house deposit? Could you afford to replace it if your ex was given it as a deposit towards a property and it went belly up?

As much as you want to help / do something you are going to struggle witj finding a way to do what you want.

Kids are 8 and 3. I could afford to lose the money and replace it but I wouldn't want to. i think she will be able to afford the repayments as it should be cheaper then renting. I want to find a way to help to ensure the kids have a decent home when they spend time with her.

SingleDad101

sparkey1 wrote: »

I cant help thinking that buying a house for your ex partner who has money issues is going to not work out well.

Yeah, I have thought about this a lot and it keeps me up at night but I think she will be ok with the mortgage as she loves the kids and wouldn't want to jepordise their house.

SingleDad101

getmore4less wrote: »

^^^^^^^
If she can support the 100%/95% mortgage then the Barclays springboard may work but
Not sure if you can go lower LTV with that .

The lender that comes to mind for offset product if there is a bigger deposit is YBS offset plus.

I think Barclays have dropped their family/friends options on their offsets mortgages a few years back.

There may be another lenders offering that option

The YBS Offset Plus looks promising - I'll get her to take a look. Thank you