To think that if I buy a flat my boyfriend could live in it, then my children could when they go to university and then I could retire ? Or totally naive . First time buyer and clueless

[Lookingforahome2019]

Please help.
NC for a this as about to give full personal details!

I've never bought a property and I'm 39 with 2 DC, 8 and 5. Left abusive exh 3 years ago. I earn 50k PAYE and and extra 12k pa self employed.

I rent a house in the south east which costs 975 pcm. Obvs I am worried this is unsustainable going into retirement.

I'm looking at buying a 2 bed flat in a new build in the city local to me which has a university in it.

My boyfriend is lovely - been together a year - very good with money v reliable and earns a lot less than me and is struggling to move out of his parents.

The flat I am looking at is this one:

www.rightmove.co.uk/property-for-sale/property-69936622.html

I don't have lots of savings and I don't know where to start - would a BTL mortgage be difficult? Should I get boyfriend who earns 28k pa to get a mortgage with me for it and rent him out my share, at a non market rate obvs? Can I get legally binding contracts which say I want my kids to have it for uni years if we break up?

Is this a ridiculous idea?! Just desperate to have some security of where I could live in my old age. Thanks for any thoughts in advance

[magoria]

Are you after you boyfriends name on the mortgage, him to pay it but to have no ‰ share and to just move out if you split up?

I can't see how that would work.

[ComtesseDeSpair]

You can’t have a BTL mortgage on a property which is jointly owned and mortgaged by somebody who lives there - BTL mortgages also usually stipulate that you can’t have family renting it from you.

It sounds like a very convoluted way of buying a property. As you’re currrntly renting, would it not be more beneficial to buy a family home in your name only for now with a view to possibly adding the boyfriend to the deeds if he stays around long enough?

[snoutandab0ut]

How do you know your kids will want to go to uni in that city, or at all?

If you're a first time buyer getting a BTL mortgage will be very difficult. Why can't you buy the flat and live in it yourself with your boyfriend, and have him contribute to bills (but not mortgage so he doesn't have a stake in it)? Or get a joint mortgage as you mentioned?

With BTL, you also have to factor in landlords insurance, tax on your rental earnings, letting agent fees etc (if you use them) repairs...

Or buy it as your own and have an informal arrangement with the boyfriend living in it? That obviously depends on trust and good will though. Does he want to live in this particular city?

[hidinginthenightgarden]

This sounds too complicated.
Either you buy a flat and rent it out (with retirement in mind) or you buy a house together.
Also consider that your kids might not want to go to that Uni, if at all.

[ghostyslovesheets]

you need to start be talking to a mortgage broker - see how much you can lend

and no - I wouldn't share a mortgage with a BF who was not going to be living in the property with me

by all means buy it but let it to a proper tennant

[Quartz2208]

Buying it as a investment property makes perfect sense but you are glossing over the fact that price is for 25% you need to look at and the fact that is a BTL mortgage possible.

And please do not include your boyfriend in this at non market rate - not with this property given the fact that you are on a part buy/part rent scheme anyway it is just losing you money

How about this

www.rightmove.co.uk/property-for-sale/property-59530371.html

for you to live in

[FetchezLaVache]

I don't think your boyfriend's housing situation should be your priority under the circs, but anyway, it's only a 25% share, so he'd have to pay his half of the mortgage, rent to you AND rent to the owner of the other 75%, so if he can't afford to move out of home at the moment, I really don't see how this would help him.

Also, what if your children don't happen to want to go to Southampton?

Agree with Comtesse's suggestion.

[reallyanotherone]

Why are you renting on your income? I know house prices are high in the se but a mortgage will cost you a lot less than rent.

I’d either buy a family home and move in to it, or buy a student flat and rent it out. I don’t think i’d involve the boyfriend- if I did I’d use an agency so he deals with them and not you.

[Birdsgottafly]

To rent a property to a boyfriend, when you have children, is madness.

He could move someone else in and it would cost you a fortune to get him out, even if you had grounds to evict him.

Concentrate on getting a family home, or a no strings BTL.

It isn't up to you to solve his housing issues and in business terms, it isn't enough profit for the stress that it could cause.

[runoutofnamechanges]

That property is shared ownership - normally they have a restriction that you can't let the property, you have to live there yourself.

If you can't afford to a home to live in now, a buy to let property for you to live in in the future is a sensible way to get in the property ladder. Just be aware that there will be capital gains tax to pay if you sell it.

You need to do your sums carefully to make sure you can afford to cover the mortgage if it is empty, pay for repairs etc. If you can't afford to buy locally, look at cheaper areas that have high rental to loan ratios and high occupancy rates. I believe Hull is a good location. It also has a university. You need to do your research though.

[Blippityblip]

You should buy it in your own name, Rent it out properly via a reputable agency that you keep tabs on, then it’s there for kids uni if they want it (maybe don’t pressure them into that uni if it’s not what they want though ‘but I bought you this flat’...) then it’s there for your retirement. We have a similar flat in a high transition city, are great landlords, and can’t wait to move back when our kids are grown. It’s not family friendly at all, and is the kind of flat that there is a large supply of, so I don’t feel we’re depriving a family of a home, and also we are more likely to downsize sooner rather than later as we have it to go to! Biggest problem in my family re older people downsizing is that they have no property to go to and the thought of going and finding it after thirty years in the same house is overwhelming for them.

[Flightywoman]

I'm puzzled as to why it's up to you to sort out your boyfriend's accommodation.

The solution you're proposing seems to be all aimed at security for him rather than you. Why not buy something where you live for yourself and your children? If it's a private rental and you don't want to love would your landlord consider selling to you?

Honestly, I cannot see what's in this for you at all...

[willieverthinkofaname]

just buy the property in your name, it's affordable on your salary. You'd need a 10% (minimum) deposit (most new build flats require 15-20% deposit) but at £63k on your salary this is easy. First home means no stamp duty. So if you save 10k to buy this I really think it's easy.

But tbh, I'd say you both live in it, why wouldn't you? Either you live in it on your own then he moves in when you're ready OR if space is an issue, you could rent it to him at a cheaper rate and buy it as if you were to live in it. This is also legal as long as you are clever with the way you express this. For example, I could buy a house and continue to rent somewhere else whilst I do this house up yet I would buy it as a home for myself. You need the intention to live in it.

It's a good investment and a nice place. Renting is a waste of money.

[runoutofnamechanges]

Also, you have to pay rent on shared ownership properties on the percentage that you don't own. If you are in rent arrears, you can be evicted and you do not get the the money back for the part you own.

[willieverthinkofaname]

soory easy is the wrong word, I should say 'possible' :) good luck!

[Birdsgottafly]

Also, does your Boyfriend pay any rent or Bills to his Parents?

He could find the whole thing a shock when he realises how expensive it is to finally be an Adult.

Are you suffering from anxiety at all? It's a bit premature to panic about retirement and planning your children's University choices.

[TaimaandRanyasBestFriend]

You are with your children in rented accommodation, which if it's not HA or council is insecure, and your priority is enabling your boyfriend of just one year to move out of Mum and Dad's.

You need to give your head a serious wobble here!

For starters this is a shared property. Those usually cannot be bought to let out. Secondly at their ages you have no idea if your kids will even want to go to uni, much less where they might go.

Focus on getting a secure family home for yourself and your children. Your boyfriend is an adult, he can sort for himself, and you sure as hell haven't been with him long enough to make a huge financial commitment like this yet.

[Applesaregreenandred]

Sorry but I don't understand your reasoning behind this at all. You are paying out £900 pm rent and you have savings. Why can you not simply purchase a property for you and your DC to live in now?

If your relationship with your boyfriend becomes more serious he can move in with you? Otherwise it's up to him to work out where he's living.

I'd focus on your life as it is now not planning for some event in the future which may not happen.

[ILoveMaxiBondi]

Do not financially tie yourself to someone you’ve known a year!! I bet you thought your ex was the best thing since sliced bread at one point (you must have done- you had kids with him) this is new relationship. You don’t really know this man at all.

[Melroses]

Yep - put the needs of you and your children first.

If a mortgage costs you less than the rent you will have more options.

(bear in mind you will need a sum of money put aside for repairs and unexpected costs etc for the house)

[Tippexy]

This is so bizarre. What happens if your kids want to go to a different uni?

[BIgBagofJelly]

I'm slightly suspicious of shared ownership schemes having been warned off by people who know more than me about them. I would definitely not have your boyfriend move into it if you do buy it though. Let it out separately and let him sort his own accommodation. However nice he is you're definitely not committed enough to enter into a financial agreement like this with him. It's unnecessary risk.

[DeaflySilence]

"I'm looking at buying a 2 bed flat in a new build in the city local to me which has a university in it."

You wouldn't be buying a house. You would be buying a quarter of a house (12.5% of a house each, if you and your boyfriend bought together)!
Not only that, you would be buying a quarter of a leasehold house, not a freehold house.
Not only would you be buying a quarter of a leasehold house, you would have to pay rent on the other three-quarters.

I wouldn't touch this with a barge-pole, for the purposes you give. This is not a buy -to-let property or an investment property.

I think you need some good independent advice.

[honeylane]

Leave the university thing out of it, they may not want to go to uni, they may not want to go to that particular one and if they do there is a good chance they will want to live in half the first year.

Just buy a flat yourself, let you boyfriend move in and contribute to bills etc. If the relationship works out put him on the mortgage?

[SleepingStandingUp]

I don't understand why he can't rent on those wages

www.rightmove.co.uk/property-to-rent/property-34228198.html