Have you bought a house with a partner but put more money in ?

[cleo333]

Hi I’m looking to move out of my house and buy another with my partner . My house is a big deposit for the new one , about 80 percent . He is taking the rest of the mortgage and paying the legal about 18 percent . He wants to split any profit 50/50 but my money advisor is saying no I should get 80 percent of the profit which I agree . But he will do most of the kitchen and bathroom fitting and in general the manual work where I can decorate . He is saying he’s not motivated now as he won’t get much out of it . I’m so confused and would appreciate your thoughts

Surely what he gets out of it is living with you? If its financial recompense he wants then perhaps a job is what he's looking for rather than a relationship. Anyway its cock lodger territory to be thinking moving in with your partner is a big payday for you.

I think you can ringfence your deposits, and then if youre paying 50/50 on the mortgage you own whatever you then pay off 50/50. He is still gaining from that because he gets nicer house to live in than he can afford, and a lower interest rate due to putting more deposit down. If thats not enough for him, and what he really wants is the option to walk off with half your deposit - then maybe moving in isnt a good idea.

With regards to any work he says he will do, cross that bridge if and when you come to it. Words and promises are easy, installing new kitchens and bathrooms isnt.

That's a weird thing for him to say!

But I think that living together is going to be tricky if he literally wants to tot up all your contributions down to who does more DIY. I didn't put anything into our first house purchase, but for a long time 'paid more' on the mortgage because I was earning more than DH. I have no idea what the actual proportion each of us paid was. But I guess maybe that's different because we're married and consider all our assets shared assets.

An alternative is to match his deposit and invest the remainder then split the mortgage 50/50

This seems bizarre he wants 50/50 when you’re putting 80% in! And him saying he would t get anything out of it is probably re think the relationship, at least don’t sell your house just yet

I wouldn’t proceed on those terms. 50:50 put into the purchase or legally binding agreement to protect your assets. Been there done that and had to fight for what was mine. To be honest I would be rethinking the whole relationship. It can’t feel nice. What’s he like generally with money?

I think I would suggest this and see what he says.
Although, I bought with my OH, he put in way more deposit than me and we went 50/50 on the remaining mortgage. Are you saying he will pick up all the mortgage?
Anyway, in my case I insisted we went 50/50 on the ownership despite putting in less. My Dad fitted our kitchen and bathroom. Part of my reasoning was to protect myself going forwards as we were unmarried but potentially going to have a family.
OH did suggest a 70/30 split but I said 50/50 or nothing and he agreed. It was a very quick and fairly casual discussion/decision though and he was happy with the final outcome. We are 20 years down the line now so for us it was never really an issue.

Is this an investment to do up and sell? Or is it a home you will be moving in together?

I wouldn’t accept it either way, I don’t think his DIY skills would make up the difference.

when I moved in with my partner he had 80% deposit, me 20%, we did pay the mortgage 50/50 though. We had a trust of deed written up, if we split/sell/whatever he gets his original deposit back, I get mine, anything else is split 50/50

Most lenders will not do a sole mortgage on a jointly owned home.

DO NOT BUY WITH THIS MAN ON HIS TERMS.

He's utterly taking the piss - of course he wants to only put in 20% and when you (inevitably) break up before he's touched the bathroom or any other diy, he walks away with almost half your equity!

You need your deposit protecting at the % you sell for in the future.

Marriage may override this or course. Legal and financial advice needed pronto op!

...unless he's PAYING for the entire kitchen and bathroom AS WELL AS FITTING IT.

Even then I'd get an agreement to start at 80/20 then increase his share as the work is FULLY complete.

I put down the deposit on our house from my flat sale (DP/now DH was a first time buyer) but we had a legal agreement drawn up by a solicitor that ringfenced my deposit. It was more beneficial to him as he would’ve had 50% of any equity in the event of a split after my £100k was deducted, but my £100k unlocked the potential!

His argument is he’s coming out with hardly anything and if he buys the kitchen etc ( we are buying second hand) and does the work to fit etc it must be worth something .he has always had an issue that he came out of his marriage with nothing .

You say profit, not the full lot.

if the is property bought for £500,000 and sold for £600,000
You put in £400,000 he put in £100,000

When the property sells
You get your £400,000 he gets his £100,000 and both of you get £50,000

I don't understand the focus on profit unless you're flipping the house? If you are, both your time and skill should be factored into the profit. If you think you're going to sell for 50K more at the end and he's put in more hours DIY than you, I think it's not unfair to take half each. You are risking more so you could split the difference and tell him you'll do 60/40 on the profit. It really depends how much he'll be doing relative to you.

I bought with my BF and put in probably 80% of the deposit. At the time the plan if we split and had to sell the house would be for me to make back my original deposit and split the rest 50/50 (and that assumed the market was going up which it was). We got married and had kids and inheritances and career breaks so it became irrelevant over time.

I definitely still wouldn’t be doing this. If she puts in 80% of the purchase price she should get 80% of the selling price. Otherwise she will lose out every year by the value of house price inflation, and her deposit will become less and less in real terms.

if he is spending a large amount on a new kitchen and contributing a large amount of labour I can see you’d want to take that into consideration. So when working out the % ownership you could add the kitchen and fitting cost to his side, and the decorating cost to your side.

Oh love, he's really doing a number on you isn't he?

He's got zero to put down, he's taking on 20% of the purchase price as a mortgage (which would need to be in both names if the house is in joint names, so you're BOTH liable), you're both paying for a second hand (wtf?) kitchen and bathroom but he wants half the house value when he inevitably walks out shortly after?

He left his marriage with nothing, but he thinks he can take half ownership of (what will essentially be) your house?

Fuck. That.

Tell him you're not prepared to be screwed over and will happily sign a share of the house over to him equal to the percentage he contributes. This can be reviewed annually once he's fitted your second hand (again, wtf?) kitchen and bathroom, and document all spending on the house.

Agreeing to 50/50 split is financial suicide on your part op. Do not agree to this.

Where are people getting that he is asking for half the house , he’s asking for half the increase in equity between purchase and sale. Different for us as married but our set up is my share of the home we bought (about 75%) is ring fenced , we share mortgage and costs of home improvement 50/50 and if we were to split I’d get my ring fenced funding back and any further equity - I want him to build some equity and feel like it is our home and the plan at some stage is to downsize and release his full equity towards his pension and the new house will be solely mine with a lifetime interest for him if I die