GF paying towards mortgage, need advice

sammyjammy

Do you live together at the moment? I don't know why you would consider moving in together to your house if things have been "rocky"

If you don't currently live together sit her down and tell her you aren't ready for that step and will be moving into the house on your own and that you can see how things go, I agree with the other poster she does sound a bit weird.

ethank

vaporub wrote: »

The other day we spoke about what happened if we broke up and she would want all her money back including mortgage payments and any work done to the house. That could end up being around 20k or more if we broke up in 4 years.

So if you were both renting, she would not expect to pay anything towards the rent?
This is totally unfair.

getmore4less

vaporub wrote: »

HI all

I am in the process of buying a house in my name only, I have been with my gf for several years and she will be moving in with me.

I am paying all of the legal costs and the deposit but i was planning on splitting the mortgage repayments with my gf along with the bills as well. My deposit is close to 160k and the mortgage is 35k over a 4 year term and other costs of about 2k.

Our relationship has been rocky in the past with her wanting to break up but at the moment is all good.

The other day we spoke about what happened if we broke up and she would want all her money back including mortgage payments and any work done to the house. That could end up being around 20k or more if we broke up in 4 years.

Is that fair?

I did mention that I am happy to pay the full mortgage but she didn't want that.

Any advice is helpful.

If she wants it to be her house as well I can understand that.
Why not own 50:50

Simple solution is change the structure of the deal.

Smaller deposit and larger mortgage she pay towards, longer term if needed

Keep YOUR cash out of the purchase.

You could structure to own 50:50 quite easily and the you both contribute to any work 50:50.


If happy to subsidise the interest component offset mortgage where you keep your money separate but offset the interest is an option.

onwards&upwards

ethank wrote: »

So if you were both renting, she would not expect to pay anything towards the rent?
This is totally unfair.

If they were renting the money would be rent.

If she pays the mortgage that’s an investment in an asset.

I agree that living together doesn’t sound like a good plan, you don’t have any trus5 in each other and are both paranoid tha5 the other one will screw you over.

Why are you actually together?

AdrianC

onwards&upwards wrote: »

If she pays the mortgage that’s an investment in an asset.

Most of it is interest on a very large amount of borrowed money. Very little goes towards equity in the first year or three of a mortgage. Over the first three years of a typical 30yr mortgage, only about 5% of the debt is actually paid off. By year five, about 10%.

vaporub

"Do you live together at the moment? I don't know why you would consider moving in together to your house if things have been "rocky""

Yeah we are living together in a rented house at the moment for several years.

Sorry I don't know how to quote.

onwards&upwards

vaporub wrote: »

"Do you live together at the moment? I don't know why you would consider moving in together to your house if things have been "rocky""

Yeah we are living together in a rented house at the moment for several years.

Sorry I don't know how to quote.

Press the little orange speech bubble at the bottom of the post you want to quote

onwards&upwards

AdrianC wrote: »

Most of it is interest on a very large amount of borrowed money. Very little goes towards equity in the first year or three of a mortgage. Over the first three years of a typical 30yr mortgage, only about 5% of the debt is actually paid off. By year five, about 10%.

The interest is still part of the investment, it’s a package deal. Whoever is paying in to build equity also has to pay interest, whether that’s the OP, his partner or the next door neighbour!

skint_chick

Would she be happy if you bought the house yourself as planned and she just pays half the bills, and then YOU buy the paint and laminate to decorate a bit? Spending a few hundred on some flooring and paint seems reasonable when you buy a house, if you pay for it all on your card then she can't claim she did home improvements and ask for £££ further down the line. But she could probably choose the room colours if you're not that bothered about it, then it will feel like her home too, and if something does goes wrong it's easy enough to buy a giant tub of white paint for £20 and change the walls. You could choose accessories like cushions and rugs together and let her buy those. Not all 'help with the house' has to be towards the actual structure of the house or mortgage.

Maybe you could suggest to her that she keep saving and buy an investment property with the extra money she will be saving not paying the mortgage? Or put extra money into her pension? If you're not ready to buy a house together that is OK.

Moneysaving222

How have you got a big deposit?