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Buying a house with a new partner
Comments
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Your decision must protect each of you to the extent of your relative contributions.That is not unromantic.If the t'other 'alf shows anything other than complete and unmitigated understanding of this position, then ding-dong. And that ain't a euphemism for having naughty time, but a giant warning bell.And I don't mean a warning bell in terms of the guy could be out to stitch you up - I doubt that very much - but in your partner's lack of understanding.This is clear-cut, matter of fact. No question. Any absence of "Of COURSE!!!", shows a lack of empathy.Full stop.(imo)0
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The problem is that it’s well and good now but she really needs to know WHY he has no savings as differences in financial management is one of the main reasons to strain a relationship. Why I asked is that she owns her house which she is planning to sell to just add the name of the partner to the next asset. 👀 Well the man is really lucky, but as the OP is the one who posted on here I just felt it was worth asking her to ask herself this. She needs to allow the man to save his own part of the deposit and then they can buy together. He might even be lying that he has no savings, if he is not lying then again that’s a red flag.MeteredOut said:
Perhaps because it’s more than just a financial decision? Like, perhaps, wanting to spend the rest of their lives together?Sistergold said:Really sorry to say this but why will you want to buy a house with someone who does not have a deposit?Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓1 -
Maybe, if he is renting, considering the extortionate rents in some parts of the country, after paying rent and bills and living costs all his monthly income is eaten up?Sistergold said:
The problem is that it’s well and good now but she really needs to know WHY he has no savings as differences in financial management is one of the main reasons to strain a relationship. Why I asked is that she owns her house which she is planning to sell to just add the name of the partner to the next asset. 👀 Well the man is really lucky, but as the OP is the one who posted on here I just felt it was worth asking her to ask herself this. She needs to allow the man to save his own part of the deposit and then they can buy together. He might even be lying that he has no savings, if he is not lying then again that’s a red flag.MeteredOut said:
Perhaps because it’s more than just a financial decision? Like, perhaps, wanting to spend the rest of their lives together?Sistergold said:Really sorry to say this but why will you want to buy a house with someone who does not have a deposit?
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Other have hinted at the wisdom of buying with someone with zero assets where the OP has either chosen or been able to plan/save/buy.
Only the OP knows the full facts, and the strength of the relationship, but buying a house jointly is probably a bigger commitment than getting married.
As for the questions,
* yes, joint mortgage (with both parties incomes, credit records etc being examined by lender)
* yes, owned as 'Tenants in Common' not 'Joint Tenants' (see https://www.gov.uk/joint-property-ownership)
* Yes, with a Deed drawn up (not a contract)
* Yes with both parties drawing up wills
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