Boyfriend Not Saving
Options
Comments
-
Why would your boyfriend want to help you pay of a deposit if there is nothing legally in name?
I certainly wouldn't.
Why would you put someone on documents that could walk away with half of it without paying for it?
We won't be paying dad back gradually, we both have separate savings accounts to which we will give in one go to pay for it. I can understand his reservations if we were paying it back gradually as I would have doubts about someone holding that amount of moneyViewed House: 29/02/2020
Offer made: 29/02/2020
Offer accepted: 01/03/2020
Exchanged contracts: 13/05/2020
Completed: 13/05/20200 -
It may help if you could explain the value of the house on purchase and the value now?Why would you put someone on documents that could walk away with half of it without paying for it?
We won't be paying dad back gradually, we both have separate savings accounts to which we will give in one go to pay for it. I can understand his reservations if we were paying it back gradually as I would have doubts about someone holding that amount of money
Is it actually worth more?0 -
Why would you put someone on documents that could walk away with half of it without paying for it?
We won't be paying dad back gradually, we both have separate savings accounts to which we will give in one go to pay for it. I can understand his reservations if we were paying it back gradually as I would have doubts about someone holding that amount of money
Why would a person pay into something unless there was paperwork to say that in the event of a split they'd get 50% or a percentage back!0 -
So, putting random figures here, are you saying that
- the house was bought for £200K on a btl interest only mortgage for £150K with a deposit from dad for £50K
- the idea was to give dad his £50K back and then what ?
a) you have the house given to you and dad pays off the mortgage by some other means or
b) you have a mortgage for £150K and give dad back his £50K?
If it's a) then I can see why the boyfriend may be a little reluctant to save - after all would the house be then put into joint names (would dad be happy with that???) or just yours (would boyfriend be happy with that??)
If b) then there's obviously some other reason he's reluctant - how long have you been together ? Does he think you're pushing the pace for example?0 -
gettingtheresometime wrote: »So, putting random figures here, are you saying that
- the house was bought for £200K on a btl interest only mortgage for £150K with a deposit from dad for £50K
- the idea was to give dad his £50K back and then what ?
a) you have the house given to you and dad pays off the mortgage by some other means or
b) you have a mortgage for £150K and give dad back his £50K?
If it's a) then I can see why the boyfriend may be a little reluctant to save - after all would the house be then put into joint names (would dad be happy with that???) or just yours (would boyfriend be happy with that??)
If b) then there's obviously some other reason he's reluctant - how long have you been together ? Does he think you're pushing the pace for example?
Yes that is correct with option B. We have been together for 2.5 years. Last year his tenancy contract ran out on the flat he was renting and it was him who suggested to buy as we both had a decent deposit. I just don't know why he keeps changing his mind when he suggests it. I know that's a his question and he is normally really opinionated and speak out so I'm not sure.Viewed House: 29/02/2020
Offer made: 29/02/2020
Offer accepted: 01/03/2020
Exchanged contracts: 13/05/2020
Completed: 13/05/20200 -
Why would a person pay into something unless there was paperwork to say that in the event of a split they'd get 50% or a percentage back!
That would all be documented when we get the mortgage and money is handed over.Viewed House: 29/02/2020
Offer made: 29/02/2020
Offer accepted: 01/03/2020
Exchanged contracts: 13/05/2020
Completed: 13/05/20200 -
If we split now then my dad gets the house (as it is his and nothing has been paid back) if we split once we have given back the £50,000 but we haven't mortgaged it will be dads and we get our money back. If we have mortgaged the house and paid dad back and we split then we sell and get half each.
Why should it be in both my and my bf's names? Dad bought it and we haven't paid anything back. If it was in our names and we split he is entitled to half but not spent anything towards it?
Has this been made clear to the bf? And have you promised his name will go on the deeds the moment he hands over his half of the deposit? I wonder if he might be withholding his money because he is worried he could end up with nothing in a split. I have known parents really turn against their child's partner in a split (especially if the partner was to blame for it) and encourage their child to give their partner nothing. He might feel the odd one out if you are close to your dad. Or he might just be wondering if he is still too young for all this.0 -
It does sound strange that your boyfriend doesn't want to buy the property, at some point in the future at today's prices but there again I know if I keep on pressing a point, then hubby will go into stubborn mode with an argument soon following - and tbh I'd predict that if you keep on at him, I wouldn't be surprised if you split up.
It may be as something simple as I'm 24 I don't want to be saving and not having fun or having a mortgage. He may, as hubby sometimes does, agreed with you to buy the house because it gave him a quiet life
My advice would be to drop the 'we'll pay dad off in 5 years' tack and take up the 'we'll save £50,000 as soon as we can and see what we decide then' attitude
You may decide that you don't want to live in the house by the time you've saved up this amount, or that you do and you want to buy it off your dad - after all the price isn't going to go up is it?0 -
goodwithsaving wrote: »We're only hearing the OPs side of the story here.......don't be so quick to judge her boyfriend.
Does that matter? They don't seem suitable for each other.Why should it be in both my and my bf's names? Dad bought it and we haven't paid anything back. If it was in our names and we split he is entitled to half but not spent anything towards it?
If it's in both your names then you'd have to specify what the split of the property was when registering with the land registry, the standard is 50:50. Having a different split would likely probably need agreement from the mortgage provider though.
If it's registered 50:50 but he's not paying into it then it gets messy if he decides to sue you for half.0 -
If you are giving the £50k to Dad won’t you still need a deposit to get a mortgage on the amount you need to borrow (reduced by £50k) to buy it?0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards