moving into boyfriends mortgaged house

sadie222

Please can someone advise, 
My situation is I own my flat outright and will be looking at renting it out and move in with my boyfriend, he has a bungalow with a £268k mortgage, I suggested using the rent from my flat to help pay his mortgage, I understand I would need to contribute to his outgoings, but I'm also wondering if I will be paying £800  a month towards his mortgage and we split up ..... is there anything I can do or put in place to safeguard what money ive paid in, I don't need to move into his property but he can't afford it on his own and my flat is too small for 2 of us.
I wondered if there was something we can put in place with solicitors ? 
I read if he put my name on the mortgage he would have to apply for a remortgage .... this wouldn't work because his take home pay has decreased by half

Auti

For me I think I would stay in my flat and bf may need to think if he needs to rethink his Iiving arrangements. If his take home pay has decreased by so much maybe he needs to think how to earn more? Not being harsh but you both need to think about what if your relationship does not work or if he does not pay the mortgage and loses house etc. Also renting out your flat comes with lots of costs for you and rules and regulations, also tenants may cause problems etc - renting/ being a landlord should be thoroughly investigated and read up about. 

A lot to think about for both of you - it is not a quick and easy fix. 

sadie222

I understand, his work will pick up in February it always does every year.
And yes in the mean time he needs to look at getting a 2nd job, I've mention this to him.
Renting my place I see it isn't straight forward these days and to get renters out if I need the flat back if we do split, isn't as quickly as I would wish.
Thank you Auti

Stateofart

sadie222 said:

but I'm also wondering if I will be paying £800  a month towards his mortgage and we split up ..... is there anything I can do or put in place to safeguard what money ive paid in

Would you get that back if you rented?  No. 

Emmia

If you start paying him anything other than share of bills you can be seen to be taking an interest in the property and you could sue him for a percentage of the value if you split up... Personally I wouldn't do this to keep things like this separate so you clearly know where you are. 

If he can't afford his house, then he needs to sell up, or increase his income via employment etc.

RAS

Do you have consent to let?

If you pay half his mortgage, you gain a beneficial interest in BF's bungalow. 

If BF has a bungalow, presumably it has more than 1 bedroom, or potential bedroom? So BF needs to find himself a lodger, for the long term, so he can pay his mortgage, and get ahead on it.

If he knows that his work is going to pick up in February, presumably he knew it would be poor in November? So he needs a back up fund of 4 times his monthly mortgage payment, built up over the other 8 months. I know he may have been hit by increased mortgage costs, but the situation seems to have been predictable.

On the other hand, if you rent out, pay half his mortgage and your tenant doesn't pay rent, you are in deep doo doo. Even more so if you split up. 

Meantime, he needs to see if he can get some extra work, even if it's a supermarket over Christmas @£15 per hour?

I'd suggest he goes over to the debt free wannabee forum and does a Statement of Affairs? 

Savvy_Sue

You can put agreements in writing with a solicitor, but you do need to think it all through carefully as already advised. It can also be tricky to enforce such agreements - harder than if you were married, for example - as you'd have to go to court. That's not a reason not to do it, just that it's not a guaranteed solution. 

sadie222

Stateofart said:

sadie222 said:

but I'm also wondering if I will be paying £800  a month towards his mortgage and we split up ..... is there anything I can do or put in place to safeguard what money ive paid in

Would you get that back if you rented?  No. 

I will be contributing to the bills also, £400 a month

Stateofart

£400 a month all in?  Sounds like cheap living to me.  I'd settle for that any day.

VyEu

If your paying towards his mortgage you might have a claim in some of the equity in the house. But that is not a fun not easy legal battle to fight. 

You might benefit here from a cohabitation agreement. If you intend to marry, then before the date of the wedding, would recommend a pre nup.