Am I a homeowner or a tenant? My partner owns the flat we live in & we're not married

franwise · 19 July 2018 at 1:28PM

Wondering if anyone can help me here. I want to apply for a new credit card, and I'm having trouble deciding what my residential status is in the drop down forms. Usually they only give you 4 options: homeowner, private tenant, council tenant, living with parents. I live with my partner who owns the flat - what is that?

He bought the flat 10 years ago with a mortgage, I moved in 3 years ago. We're not married but together over 5 years. My name isn't on the mortgage, but I'm on the council tax, electoral roll and all my bank accounts etc are registered there. He pays the mortgage - he earns 4x more than me, and the mortgage is probably about my salary a month (!) I pay him a small amount every month towards bills and I do most of the food shopping. We're quite financially separate, no joint accounts or joint cards. Before this I was privately renting. (I'm aware that this is an incredibly fortunate set up by the way... and no I'm not a gold digger before anyone suggests it...)

It definitely feels like my home, we decorated it together when I moved in, we call it 'our' home. I'm aware now that some of you may point out that I have no rights to my home... Should I just put my name on the mortgage, even if I have contributed very little financially?

I have a good credit rating, steady job on £31k a year, already have a couple of credit cards, never miss payments etc. I want to get a new 0% purchases card to help pay for a big holiday and a couple of things this year (including possible birthday present for him!)

So what do I put on the form? Even MSE's eligibility checker doesn't have a box for 'other', and then they ask how much rent or mortgage payments are.

If anyone has any advice or been in a similar situation I'd appreciate it!

Thanks

Silvertabby · 19 July 2018 at 1:36PM

I'm not an expert, but I'd have thought that if you are not on the mortgage or deeds then you can't possibly be classed as a homeowner.

However, wouldn't the situation be different if you were married? ie, the property would be classed as a marital asset.

Anyone know the answer?

Candyapple · 19 July 2018 at 1:44PM

You would be classed as private tenant.

Should I just put my name on the mortgage, even if I have contributed very little financially?

Your partner would be a fool to do so (no offence meant to you) especially given that a) you are not married and b) he bought the property before he met you. Also it's not just a simple thing of adding your name - it will be subject to the standard income and credit checks, plus you will also need to have a solicitor involved to add the new name to the title deeds. The legal process is known as a transfer of equity.

franwise · 19 July 2018 at 1:49PM

Thanks, that's useful to know. I did think it would be an unnecessary hassle to get my name added on, and as you say, it's quite a big deal.

So does that make me a tenant and him my landlord?? Even though I don't really pay rent..?

franwise · 19 July 2018 at 2:02PM

I feel like the set up is closest to 'living with parents'... but feels v weird putting that down!!

woolythoughts · 19 July 2018 at 2:25PM

Does it differ if you are married.

House and mortgage in husbands name due to me being a self employed (IT contractor)ex bankrupt. Arguably I pay for everything as we couldn't afford a fraction of our life style (or even our mortgage) on his salary.

Yet I'm never sure what to put i these drop downs. I usually go for home owner and justify it as it being a marital asset.

But I'm not convinced thats right either.

franwise · 19 July 2018 at 2:37PM

I have a feeling it may be different for married couples, I think you have some claim to the house if you were to split up, even if not on the mortgage.

But, given we have no plans to get married in the imminent future that is a bit of a mute point for now..

PasturesNew · 19 July 2018 at 2:47PM

I think the answer is "tenant", because if you got run over by a bus tomorrow, owing them £10k .... they're not going to get money from your boyfriend to cover your debt.

If you were a home owner they'd stand a chance of standing in the queue and getting their money back.

Also, you're in a better position to "do a moonlight flit" than somebody who is a home owner, again, lessening their power to find you and get their money.

That's all they're really trying to work out "if it all goes belly up, what chance do we stand of getting our money - in short - does this person have a vested interest in staying put, staying visible and coughing up".

franwise · 19 July 2018 at 3:04PM

Thanks, again very useful info!

So by that logic, credit card companies must look more favourably on homeowners? And private tenant implies a lack of stability, you could be evicted at any point, which I don't think really reflects my situation (at least I hope not!!) I supposed my credit rating was good enough when I was a private tenant, and now if I put my rent down as very low, I have a decent disposable monthly income to pay off loans.

PasturesNew · 19 July 2018 at 3:28PM

franwise wrote: »

.... tenant implies a lack of stability, you could be evicted at any point, which I don't think really reflects my situation (at least I hope not!!)...

Hope. That's all you've got really isn't it. Hope.

You're asking other people to lend you money, on the basis that you hope you and your boyfriend will probably still be together when the bill's due.

You've "nothing to your name" ... from a financial perspective.

Footloose, fancy free. No commitments. Nothing.

franwise · 19 July 2018 at 3:30PM

:-) Can't quite decide how I feel about that last line!!

Am I a homeowner or a tenant? My partner owns the flat we live in & we're not married

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free