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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Mortgage question what’s fair

27 replies

Pickledonion24 · 09/12/2017 14:30

my partner and I live at home with my parents at the age of 25 lived there to help grandparents and house sit as there away quite a bit. The house is being sold and we need to be out by the end of summer 2018 we had planned on moving out and renting together but I got given a big inheritance enough to cover half a house down south with a mortgage for the rest. I can’t afford to pay mortgage alone on my wage. He had planned to buy a new car in January for himself his car is dying slowly door handle fell off yesterday using nearly all his savings or getting a loan. If he gets a loan it will effect the mortgage we get I’m sure but if he uses all his savings he won’t have any to put into the house deposit even though it will make minimal difference to the mortgage compared to what I’ve put in. My friends all think he’s being cheeky and should forget about the car I don’t drive he does all the driving. He will also be paying more each month and we will have a soliceter draw up a contract so I get any money I put in back when we sell so I will never be out of pocket. Am I being nieve and is he just using me

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tissuesosoft · 09/12/2017 14:32

Can't he buy a second hand car so won't need to get a loan?

MyBrilliantDisguise · 09/12/2017 14:34

Honestly? He's not on the same page as you. I'd go down south, buy somewhere and get a flatmate to help pay bills. You're 25 - make the most of being that age!

fiorentina · 09/12/2017 14:39

Maybe he’s not comfortable that you’d own more of the house and it’s not equal. It’s a tricky issue but I know from experience this has caused friction. Also if he spends all his savings would you have a safety net to pay the mortgage if one of you was made redundant or the boiler needed replacing or similar? Can you really afford to buy?

BackforGood · 09/12/2017 14:42

I would talk to mortgage advisors about what mortgage they would be prepared to give you, with the deposit you have, and then start looking at homes you could afford at that level - even if it is smaller that you might want, or maybe a flat or something.
I understand that he needs to replace the car, but if he is in a financial position that he can't afford to save and buy a replacement car, then I'm not sure he will be able to contribute to an mortgage payments either ?

confusedlittleone · 09/12/2017 14:43

He doesn't need a car he wants one. A car isn't a necessity. Plus if he has no car it's more money he can pay to you in house bills/food

Original poster
Pickledonion24 · 09/12/2017 15:08

No transport to our house when he leaves work

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Original poster
Pickledonion24 · 09/12/2017 15:09

So he wouldn’t be able to get to work we have spoken to the family mortgage broker so we no what we can accept

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MikeUniformMike · 09/12/2017 15:11

He should be thinking of a reliable second hand car. There are plenty of them around. A car is usually not a necessity if you can choose where to live.

You could buy a house in your name and rent it out, and both of you rent a flat for you and your boyfriend.
I think that you need mortgage advice and legal advice as your situation is a little complicated. It would be shit if you and your fella bought a house using your money then split up. I know, but it does happen.

Original poster
Pickledonion24 · 09/12/2017 15:14

We have legal advice he won’t be taking any of my money he can’t this is a second hand car he’s looking at but a nice one

OP posts:
Appuskidu · 09/12/2017 15:15

How much in savings does he have? How much does he want to spend on a car?

MikeUniformMike · 09/12/2017 15:17

I live somewhere with good transport links, and don't use my car much. Sometimes, I need to go places that would be very awkward to go too without a car, so would have to hire a car on those occasions.
There are many places that don't have good transport links. Sundays and outside normal hours are pretty bad even here.

MikeUniformMike · 09/12/2017 15:17

go to not go too.

crazycatgal · 09/12/2017 15:20

Sorry to hijack thread but I just wanted to ask a question.

DPs PCP is coming to an end next year and he wants to take out another one for 3 years. I said that he shouldn't because it will affect how much of a mortgage we can get when we look into getting one. DP says that it will hardly make a difference.

Can anyone tell me who is right?

SingingSeuss · 09/12/2017 15:25

Why not get a new car out of your inheritance and get solicitor to draw up a contact so he pays you back. That way no bad credit. You will have to pay a bit more on mortgage but it may work out financially better for you...

butterfly990 · 09/12/2017 15:39

I would look at setting up a percentage ownership of the house to protect your deposit.

Further down the track, many years later when married etc can review this setup.

iamafraidofvirginiawolves3cats · 09/12/2017 15:41

Do you see him as a long term partner? You also benefit from the car and his involvement with the house. If you can get a mortgage by yourself, do that and charge him the amount (or less?) that you would charge a lodger. Make it clear that it is your house. Agree who owns what and who pays what at the moment and change it in the future if your relationship/finances change.if you do it on your own, with him lodging ensure you get advice so he can’t claim any of it later. Business with the head, love with the heart!

yoyo1234 · 09/12/2017 15:51

I think it would be best for neither of you to get out a car loan if you are purchasing anywhere jointly ( car finance unlikely to be as good a rate as a mortgage and potentially able to borrow less for a property). If you pay more of a deposit this had to be protected but likewise if he is paying a higher percentage of the mortgage each month then this should be protected to. Both of you would then feel protected and that it is fair.

Original poster
Pickledonion24 · 09/12/2017 16:23

We will both be protected that’s all sorted it would be a bank loan not and brand new car maximum he would borrow would be 3k

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Original poster
Pickledonion24 · 09/12/2017 16:24

He can save 700 a month

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haveacupoftea · 09/12/2017 16:32

You should ask a mortgage advisor really. If he needs a car he needs a car and any wonder his is falling apart if he drives you about everywhere. People who don't drive seem to think cars, their parts, diesel, insurance and tax all grow on trees.

Appuskidu · 09/12/2017 16:42

He can save £700 a month yet if he uses his savings to buy a car, he will be spending £3000?

Does that mean he has only got 4 months savings? Or he can save £700 a month but doesn’t?

GardenGeek · 09/12/2017 16:52

This reply has been deleted

Message withdrawn at poster's request.

Vitalogy · 09/12/2017 16:56

How long have you been together OP?

Socksey · 09/12/2017 17:16

Buy house before car.... assuming same planned outlay.... so no effect on credit...
Most important to ensure legal recognition of whatbproportion each of you own...

Original poster
Pickledonion24 · 09/12/2017 18:11

Moving to same area where in now thanks for all the advice

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