To buy a house with my partner whose still married?

[onedaymaybeone]

Hi,

I would like some advice please. I'm divorced and have been renting since. I would like to buy a house but cannot raise enough mortgage to buy in the area I live in now and where DP go to school. I would be £35k short on the amount I need to buy in the area. I know I can afford the mortgage repayments as it would be half my rent but I don't earn enough in my own to get the full loan amount required.

My partner has offered to come in on a joint mortgage with me to make up the difference. We would be joint tenants and he would be paying no deposit and would 'own' a minimal percentage of the house. The reason being he is still paying for his previous property which he is not living in whilst he fights for custody of his daughter through court. Due to the complicated nature of the case he can't get divorced yet.

What are people's thoughts on doing this?

We would be joint tenants and he would be paying no deposit and would 'own' a minimal percentage of the house

That’s Tenants In Common.

Anyway, Do not do this. He is in a legal partnership with someone else. That is what marriage is. Until he is divorced and a financial settlement has been reached his assets are still potentially subject to claim from his wife / legal partner.

Even once this is sorted, do not buy as Joint Tenants but as Tenants in Common with your share expressed as a percentage of the property.

Unless you want his kids to potentially inherit your share of the house rather than yours.

Have you seen a mortgage advisor? Can you compromise on none property you buy?

I doubt any mortgage co would accept a £35k input from someone who was in the middle of a divorce. They look into the source of all money.

No way

YABU. If he’s still married your joint house could be considered a marital asset when they divorce so I wouldn’t take that risk. Focus your energy on encouraging him to get a divorce!

Absolutely not!

Missing the point here but why does your DP go to school? Dear partner? Dear parents?

No dont do it.

There are ways around this deposit situation on new build homes only , government schemes ect for those that dont have whole deposits.
It might not be what you want but it gets you onto the ladder if thats your main goal.
Did this myself, it worked for me, not saying its right but it may be a way around your situation.

No way, and taking his ex to court for 'custody' would be a potential red flag for me too

Noooo.. but you mention you need the 35k to buy 'in the area'. Is location worth playing with? As in, are you in a pricey area but could consider going somewhere cheaper to get on the ladder and save money monthly?

No, far too risky. Until the divorce is settled your home is a marital asset and "fair game" for his wife in the settlement. It does not sound as if the divorce is amicable.

As said absolutely not. It is a marital asset. How long have you been together? Have you seen the custody papers? This sounds very dodgy.

No but then I wouldn’t entertain dating someone who was still married let alone make a huge financial commitment with them.
Divorce and financial matters are separate from custody cases and don’t need to be held up whilst that is decided.

Has he suggested it as a way of hiding assets?

Dear God No! Madness. Your house will be part of martial assets. Besides, don't get this tied up with someone to get a house. Relationship/commitment first, joint finances second. He's a long way off being in a position to be in another serious relationship if he's not divorced, and expecting a fight over custody. Messy beyond words.

@Willyoujustbequiet

I don't understand why he cant get divorced due to a custody battle?

Makes no sense.

Agree. It sounds bizarre that married couple fights for DC custody. Is he legally separated?

Possibly one of the worst ideas I have read on MN for a long time.

Well that’s unanimous 🤣
Apart from being a total train wreck, most people can’t get a second residential mortgage due to their commitment to the first 🤷🏻‍♀️
Which will save you from your own foolishness anyway.

Even if he could afford it, and even if the law didn’t consider it a marital asset for him… you need your head read for considering getting into that commitment with a man who isn’t even divorced yet and still fighting about child arrangements. Slow. Down.

@SoniaFouler

Haven’t you ever heard the saying “once a cheater, always a cheater?” Do not buy properly with this man.

Where was there any mention of him having cheated??? Or her? What have I missed?

Btw OP- absolutely do not do this!

The way to do this, if you want to, is for him to make an unsecured loan to you- formally documented (doesn’t need to be long) as a loan, with an agreed repayment period (per PP of mortgage is half of rent you mortgage you will have free cash to make repayments) and ideally interest rate, but this could be low as mortgage rates are still low.

If down the line you decide to “convert” the loan into an equity stake after the divorce you can both agree to do so at the time, do a deed of trust and add him to the mortgage- but this should not be mentioned in the loan agreeement.

You need legal advice but my gut feeling is no

Dear God no!

Noooooooooooooo! That's just a legal and emotional cobweb.
Wait until he's legally separated.

Ye gods what a terrible idea! Your partner’s wife will own the house as much as your DP does.

He’s still married, so legally he is committing adultery isn’t he

Goodness me NO.

OP, that you would even consider this is worrying.

Be very wary of entering into financial agreements with a man not even divorced.

You want your partner’s wife to have a share of your property? Because legally she will be entitled. Hell no.