AIBU - house purchase with partner

[Whatshouldidoinlife]

Hi all
Just wanted thoughts.

Partner and I want to purchase a house together.
purchase price £700,000.

I own a house and my partner rents.
My partner would pay stamp duty in region of £25-£30k.

I would put down my equity in house as deposit and ring fence that percentage of property of price and the remaining percentage would be split 50/50.

I would pay an early exit mortgage fee and the estate agent fees (around £6k).

My partner earns 3 x as I do.

If we put in our salary percentage wise -70/30 to my partner and shared the rest of the equity (bar my deposit) 50/50 does that sound like a fair deal?

Have I missed something or do I need to consider anything else?
I want to be fair to myself and him.

What's your point? My point is that it can't only be married people who are allowed to buy houses.

Or one extra? His! Hers were there first! Is he not responsible for the decision to add to the family?! Where did he think they were all going to live?

Him renting forever isn't her problem. She currently has a huge amount to lose. People buy houses together- but usually the playing field is much more even. When one in putting in so much more that's when things have the potential to go so much more wrong.

And a deed of trust will just set out contributions, it doesn't help you if one party is digging their heels in and making selling difficult

The OP has said herself that she earns a good salary, and I suspect her children’s father is contributing to their upbringing, so this isn’t about child maintenance for her kids. This is about the financial complications of buying a home with a man who is not financially equal to her. One could argue that they only need a bigger house because she had a third child with him, not because of the two that she already had!

Try again.

You can't ring fence your deposit and then pay only a fraction of the mortgage. That's quite cheeky. If I was your partner I wouldn't agree to this.

I would be aiming to find the simplest solution. You pay for this then I'll pay for that is rarely the simplest option.

There are four things to figure out how they are splits.

1. Costs of moving - purchase and sale. I would suggest this being 50:50
2. Deposits - options fixed shares or fixed amounts. We had unequal deposits we went with fixed amounts but had been together a lot longer than you and neither of us had been burnt before. In your circumstances I would go with fixed shares. I.e. deposit was 40% - in a 38:2 split
3. Mortgage - 50:50 or skewed to account for differences in income. At point of sale this proportion is split according to the split. I.e. if mortgage was split 30:70 and after paying off the remaining mortgage there's 30% left this is split 9:21. If you combine with the deposit the relative shares would be 37:23
4. Living costs - 50:50 of skewed to account for differences in income

I would have one of the two skewed and one 50:50. Given the family set up it might be fairer to do a skew for the mortgage and do living costs 50:50 as you have two children from a previous relationship so that might balance out the difference in income. I would sit down with a spreadsheet and work out all the living costs and work out how the two different scenarios would play out relative to take home pay.

Once you have sorted out the splits then the decision is what is a sensible budget for the next house and what lifestyle allows you both to live comfortably within your means. I would proceed cautiously and avoid overstretching yourselves.

She's already putting down three hundred grand, and you want her to pay more?

I guess you want her to live alone forever?

And again. You might get there eventually.

So you don't want her to live alone and you don't want them to rent together or buy together? What can she do then?