Friend thinks I’m greedy for wanting to buy somewhere, AIBU?

[NCaway]

Currently live with DP in his London apartment. The property and location is everything we could want, and I pay only a small contribution to my living there which allows me to save well. The only issue is that it’s not “mine” and from a financial security perspective, I’m keen to get on the property ladder.

DP doesn’t want to sell his flat, but he’s happy to rent his place out and buy somewhere with me (rental income would go towards our mortgage). DP bought his flat years ago and having looked at todays prices, to get something similar we’d need to pay £250k + more than DP paid for his place which would mean high repayments OR we’d need to move further out of the city which we aren’t keen to do (no DC and our friends/careers here). We’ll both have to use all of our savings if we buy and would be a bit worse off each month due to interest rates (even with DP’s rental income).

Was discussing with a close friend who thinks it’s “greedy” and crazy of me to want to buy somewhere given the current climate and my circumstances i.e. DP and I can live at his place at such a low cost. AIBU for wanting to purchase a place that is “ours? In my mind it’s still a financially sensible decision to buy to secure my future, unless I’m missing something!

Do what works for you. And stop discussing your business with your "friend".

I don't understand why it's greedy?

Sorry but you are in no position at all to buy your own property and you want your partner to sell his perfectly fine property

so that you can spend an extra 250k on the same type of property just so you can get on the property ladder?!?

yes I think that is absolutely stupid!!

Im assuming he’s a sensible type of guy and is no way going to be silly enough to go through with your suggestion

As it will be his rent that is covering YOUR mortgage on the next property!!

don’t make your problem his problem

what do you earn PA? 100k?

DH and I had the same dilemma after he moved into the flat I owned (before we were married). In the end he bought into the flat, ie he put his savings in as capital, we added him to the deeds, and shared the mortgage. And we redecorated together to make sure it felt like ours not mine. We sorted out to be ‘tenants in common in unequal shares’ not joint tenants to recognise our unequal amounts of capital. Would this be an option for you?

I mean, do you want to be a landlord? Do you understand all of the risks involved, and responsibilities?

Owning a property and letting it sit empty IS unethical.

If I were you, I would speak to a financial advisor about investments rather than property and look at your options.

Your friend is a fool.

You are perfectly sensible to want to have a property in your name and not just rely on your partner's home.

Is your friend a bit jealous? because the choice of the word ''greedy'' is really not on.

I would have understood advising you to wait a bit more to see what happens to house prices but suggesting you are ''greedy was really inappropriate.

YANBU.
Some strange conclusions ftom your friend there! I don't even know how she's decided you're greedy!

I wouldn't share any financial info in future with her, if I were you, as it's none of her business and her conclusions/judgements are not sensible or helpful.

Also if I was your dp I would only allow you onto the mortgage if you paid current market value too!

so if the flat is worth 500k today you must pay 250k for your share

‘tenants in common in unequal shares’ is a good idea if he is in agreement. Alternatively, a buy-to-let in a cheaper area where you do meet the criteria and can easily make the repayments is possible. The area would need to have a pool of people wanting to rent, but could be a place you don't necessarily want to live yourself as you won't be living there. He shouldn't sell his current place as it sounds a good investment for the long term. However, the situation with rising repayments is poor for buy-to-let landlords at the moment, so as another PP suggested, maybe see a financial advisor for alternative investments for the meantime.

Forgot to add, your friend is just jealous. Don't share any further info with them.

No friend thinks you are greedy because you are expecting to benefit enormously from his property

You need to make sure you properly number crunch renting his place out.

Lots of people massively underestimate the costs involved - changing mortgage, gas certs, insurances, agents if you use them, repairs, voids etc.

He also needs to make sure he’s fully aware of his legal responsibilities as they remain his even if he gets an agent.

Evidently you haven’t read my post at all! 😂

Do you just have no comprehension skills at all?

I was thinking similar. Can OP actually afford to buy at all. How long have you been together OP?

Sooner you start, the sooner you will have paid off the mortgage. Win win.

Your friend is wrong. You currently don't own any property at all, and buying one will give you stability and better options in the future, whether you remain in the same relationship or not.

No idea what has given you this impression. Yes I can afford to buy a property to live in with a residential mortgage. I cannot afford to buy with a buy to let mortgage. The two are very different, they have recently significantly increased the threshold and it’s very difficult to get a BTL mortgage at the moment.