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

Why are you discussing your wages & finances with a boyfriend that you have only known for a year ?
With a boyfriend that you dont live with
With a boyfriend who lives with his parents
Your financial information should be private

I would suggest that with your decent wage you find a FREE local financial advisor who can help you with;

1. How much you could borrow on your own for a mortgage
2. How much you could save on your own for a deposit/fees & timescales & budgeting
3. Do you pay into an employee pension ? if not investigate
4. Advise about best place for savings
5. General advise about ISAs, LISAs, credit cards, over draft, savings etc