Financial co-habitation conundrum

zoomone

Hi all. My first post, and interested in your thoughts...

My partner and I have been cohabiting for 18 months. My partner is the homeowner and I, their tenant, paying monthly rent. I am now 41 years old, and keen to invest in some sort of future financial security by paying a mortgage (or something) of my own. However, we have maintained that we wish to be financially independent of one another. The problem is that I will struggle to pay my partner's rent (who kinda needs the money) as well as a separate mortgage on a separate property (bearing in mind, I won't have sufficient capital to buy-to-let said property). I feel like I can't keep paying rent forever.

Are there options and opportunities I haven't considered, that:

a) don't require my partner to re-mortgage with me as a co-owner and;
b) don't require us to go our separate ways (!) because we can't afford to live together

I'm struggling to think outside the box with this one, and in a bit of a quandary. Thank you

hazyjo

Buy somewhere together equally. Whatever he puts as a deposit, he gets back (if there's enough) if you split and sell.

Would've thought you'd have quite a bit of spare cash unless you're contributing towards his mortgage?

Comms69

zoomone said:

Hi all. My first post, and interested in your thoughts...

My partner and I have been cohabiting for 18 months. My partner is the homeowner and I, their tenant, paying monthly rent. - you are not a tenant. I am now 41 years old, and keen to invest in some sort of future financial security by paying a mortgage (or something) of my own. However, we have maintained that we wish to be financially independent of one another. The problem is that I will struggle to pay my partner's rent (who kinda needs the money) as well as a separate mortgage on a separate property (bearing in mind, I won't have sufficient capital to buy-to-let said property). I feel like I can't keep paying rent forever.

Are there options and opportunities I haven't considered, that:

a) don't require my partner to re-mortgage with me as a co-owner and;
b) don't require us to go our separate ways (!) because we can't afford to live together

I'm struggling to think outside the box with this one, and in a bit of a quandary. Thank you

You can invest in anything you like. But the reality is you probably already entitled to a share of the property

zoomone

hazyjo said:

Buy somewhere together equally. Whatever he puts as a deposit, he gets back (if there's enough) if you split and sell.

Would've thought you'd have quite a bit of spare cash unless you're contributing towards his mortgage?

Moving isn't an option, right now. Probably not for a few years yet.

zoomone

Comms69 said:

You can invest in anything you like. But the reality is you probably already entitled to a share of the property

I'm not sure I follow how this can be? Are you able to explain a little further?

AskAsk

i assume you are not married?  if you are paying your partner rent, then you should get your name added to the deed and the mortgage and so your rent is then a mortgage payment.  this way you get to own part of the house.

Thrugelmir

Financially independent doesn't mean that you cannot have an unequal ownership of the existing property. Seems as if your partner is doing very well out of you paying rent which covers their mortgage. 

zoomone

Thrugelmir said:

Financially independent doesn't mean that you cannot have an unequal ownership of the existing property. Seems as if your partner is doing very well out of you paying rent which covers their mortgage. 

It was their property before I moved in. At first, there was talk of relocating together, but schools etc. meant that had to be put on hold.

getmore4less

If they want to keep the place for themselves then sharing the bills to live there should be enough.

Not the cost to buy the place.

zoomone

zoomone said:

hazyjo said:

Buy somewhere together equally. Whatever he puts as a deposit, he gets back (if there's enough) if you split and sell.

Would've thought you'd have quite a bit of spare cash unless you're contributing towards his mortgage?

Moving isn't an option, right now. Probably not for a few years yet.

Interesting gender-assumption, btw! ;-)

greatcrested

So there are also kid(s) involved?

The simplest solution is for you and (s)he to agree to transfer your current home into joint names.

* this will require either the agreement of the current mortgage lender or

* pay off the current mortgage and take out a brand new one with a different (or the same) lender in joint names

* you can own as 'Tenants in Common'

* you can then draw up a deed that defines who owns what % of the property, or who has contributed how much to the deposit and gets it back from any sale before splitting the rest.

* you should also discuss what would happen to the property, and the kids, if you ever split up

* you should both write wills

Or you could get married.