going on mortgage with gf need advise

Britannia2000

Type your messageHello there me and my partner are looking to go in on a mortgage together on a house she already has a mortgage on and need advise of how we can do things fairly ,

I met my partner 2 years ago and a few months later after the sale of her old house with her ex ,she purchased a property and asked me to move in so I did and payed her so much a month not a massive amount but I guess what you would call rent and payed half towards the food ,in that time we have had discussions about going in together on the house jointly so over the last few years iv renovated the house at a joint expense and iv converted it from a 3 bed to a 4 bed with me doing all the labour in order to increase the value of the property.my question is how do we split things going forward on a mortgage together 
The house was puchested for 171k 
And now with the renovations its estimated to be worth 195k
She had 27k equity from previous property 

Going forward she wants to protect her 27k so a family member on her side who is a solicitor will  draft up a document to state anything should happen she will retain the 27k and I'm happy to sign it and if we split that will come off first and the remaining amount of the value will be split .plz note IV put no physical money into this property apart from contributing to renovating and doing the work 

So 195k as house is valued now with renovations 
-27k 
=168k to be split minus what ever at the time is owed to mortgage 
Is this a fair way of doing things 

Also how do we split bills and mortgage 
As she earns alot more than me 
She earns 2.5k per month plus 5k bonus per year
I earn 1.8k per month plus 10 k bonus per year 

My idea was to pool the money so joint bill account were wages going in and all mortgage and bills including credits cards etc come out then split what is left so it's a fair playing field 

Is this the best and fair way to do this

Britannia2000

Hello there me and my partner are looking to go in on a mortgage together on a house she already has a mortgage on and need advise of how we can do things fairly ,

I met my partner 2 years ago and a few months later after the sale of her old house with her ex ,she purchased a property and asked me to move in so I did and payed her so much a month not a massive amount but I guess what you would call rent and payed half towards the food ,in that time we have had discussions about going in together on the house jointly so over the last few years iv renovated the house at a joint expense and iv converted it from a 3 bed to a 4 bed with me doing all the labour in order to increase the value of the property.my question is how do we split things going forward on a mortgage together 
The house was puchested for 171k 
And now with the renovations its estimated to be worth 195k
She had 27k equity from previous property 

Going forward she wants to protect her 27k so a family member on her side who is a solicitor will  draft up a document to state anything should happen she will retain the 27k and I'm happy to sign it and if we split that will come off first and the remaining amount of the value will be split .plz note IV put no physical money into this property apart from contributing to renovating and doing the work 

So 195k as house is valued now with renovations 
-27k 
=168k to be split minus what ever at the time is owed to mortgage 
Is this a fair way of doing things 

Also how do we split bills and mortgage 
As she earns alot more than me 
She earns 2.5k per month plus 5k bonus per year
I earn 1.8k per month plus 10 k bonus per year 

My idea was to pool the money so joint bill account were wages going in and all mortgage and bills including credits cards etc come out then split what is left so it's a fair playing field 

Is this the best and fair way to do this

BarelySentientAI

There is no 'best' way.  It's a fair way, but not the only one.

All up to what you both feel comfortable with.

Brie

You could put a pro rata amount into a joint account.  But the crucial thing is to talk about it now and get a good idea of how both your financial brains work. 

Is she a saver?  Are you a spender?  Who's got the credit cards, who doesn't?  Likewise debts?  What happens if/when she take mat leave and has no money coming in for a few months?  What if you want to be a stay at home parent?  What if one of you lose your job or gets a huge promotion? 

Don't forget to talk about wills, life insurance, pension while you're at it.  

Meanwhile - stick to one thread!!  I'll get the other merged to this.

Brie

please merge with going on mortgage with gf need advise — MoneySavingExpert Forum

Newbie_John

Some ways to pay the bills:
a) all money goes into shared account which pays for bills
b) all money but for example £500 each (or % each) is put to joint account and the rest kept private
c) each of you pays 50% to joint account
d) you somehow share, one pays mortgage the other person the rest of bills
e) each of you pays a set amount each month to the joint account

Deciding on the way it suits you both best consider who or how do you pay for larger expenses coming in the future - kids, new family car, holidays, new boiler, wedding etc.

Same applies to mortgage, really down to you both, some goes 50/50, some goes 30/70..