Moving into partners house

Lazulilotus

Hi, 
My boyfriend and I have been together for a year and a half now and are ready to move in together. 

I have absolutely no idea about mortgages or properties or anything like that as I've always privately rented. I need to know if the information my boyfriend is giving me is correct.

 My boyfriend wants us to go 50/50 on everything including mortgage / bills / CT / food etc etc. This is absolutely fine with me as I don't expect to live anywhere for free.

However I'm confused at the figures he has told me. His mortgage is £350pcm but he wants us both to pay £350pcm totaling £700pcm. I asked him why he needs double the mortgage and he explained that he still has to pay interest on top of the mortgage so this figure covers the mortgage and interest. How does this work as he use to rent the house out for £700pcm so would have no profit. Can someone explain? 

Also, he is the sole owner of the property. 

Thanks 

Emmia

If you pay towards the mortgage (or improvements) you start to gain a beneficial interest in the property... 

The usual advice is you should split the bills, council tax etc, but you should save the rent you're not paying (in your name)  if all goes well you have money to formally buy in later on... If it doesn't you have a financial cushion to help you move out and on quickly.

amnblog

Where did you get the £350 mortgage figure from

BarelySentientAI

You want to move in with someone that you feel the need to ask strangers on the internet if he is lying to you and stealing your money?

Newbie_John

Well I guess as he used to rent it for £700, put £350 towards mortgage and kept £350 for himself and now wants to mirror this.
But at the same time - he needs to be aware that from the moment you start paying mortgage - you will start owning the house (of course to the value you pay).

It's really down to you two to agree on something.

Not many people separate the cost of mortgage from the interests (although it could be so) so that explanation sounds strange to me - it does sound like when he was renting it out he was £350 in profit (£700 income, £350 towards mortgage), if you share the mortgage half and half he will be £175 down (£175 income, £350 towards mortgage).

Lazulilotus

Newbie_John said:

Well I guess as he used to rent it for £700, put £350 towards mortgage and kept £350 for himself and now wants to mirror this.
But at the same time - he needs to be aware that from the moment you start paying mortgage - you will start owning the house (of course to the value you pay).

It's really down to you two to agree on something.

Not many people separate the cost of mortgage from the interests (although it could be so) so that explanation sounds strange to me - it does sound like when he was renting it out he was £350 in profit (£700 income, £350 towards mortgage), if you share the mortgage half and half he will be £175 down (£175 income, £350 towards mortgage).

And that's where my confusion is as half of the mortgage would be £175 each so I don't understand why he would ask for £350 from me

Lazulilotus

amnblog said:

Where did you get the £350 mortgage figure from

Because he has told me in the past and also shown me the documentation for a different reason 

Lazulilotus

BarelySentientAI said:

You want to move in with someone that you feel the need to ask strangers on the internet if he is lying to you and stealing your money?

Yeah I know, this is the wake up call I need perhaps. You are absolutely right

Jemma01

Whatever you agree with him, make sure it is in writing and properly dated that you both intend for that payment to be "mortgage contribution + bills". I'd personally agree it via email, to an email he had used with you in the past (or you know he uses for his bank, then he can't deny it is his email). You also don't want him to claim you were just paying "rent" like any other lodger.

Your mortgage contribution will then be building up equity for you that you can claim later. 

Bluebell1000

It's possible he had an interest only mortgage before, and is now going to be on a repayment mortgage.