Thoughts on buying a flat...

[Mymycherrypie]

I live with my DP and our children. He owns the house and pays all the mortgage while I am a SAHM. I realise that this puts me in a vulnerable position but some of that is mitigated by our wills, and we do intend to marry.

I have, however just come in to some inheritance. Enough for a deposit on a flat of my own in an area where I have friends. Would it be completely crazy to get a flat of my own (once I am back at work) and let it for now as part of my own financial protection, and as somewhere to go should our relationship ever break down.

This is very pie in the sky at the moment, I'm just wondering...

Sounds like a great idea. You should do well as some/all of your rent received would come under your personal tax allowance as you are a SAHM. In other words you wouldn't be paying tax on it.

Make sure you choose something that is near good transport links and shops so that it is easy to rent out. Look for a long lease and a low service charge.

Also, you say that you can afford a deposit, can you afford to pay the mortgage form savings for a few months if it is empty?

Well this is why I am thinking ahead to when I am back at work as I would still need a mortgage for say £50k. I would be able to pay the mortgage from my own savings (not the inheritance) if I had to, but if I were working then that wouldn't be so much of an issue.

So in theory it works as an idea? Id like to have something of my own just in case because you just never know what can happen, and bringing something to the table for the kids in the future for their own inheritance. Plus I may as well take the opportunity while I have it.

Namechange fail. Ah well I suppose if anyone sees this, the worse that will happen is my friends in Haverhill will know that I'm looking to buy a flat round the corner from them! Haha!

I would do it, don’t let the money get swallowed up in household spending. This was you have a fallback if things should go wrong.

Are you worried your DP won’t be happy with it?

I am worried my DP will think it's a bit reckless given that I don't have a job at present. I am thinking about when I do though.

I am a bit afraid that Id be doing something stupid 😂 Esp as I don't live near the area. It's about 30 mins away from my house.

It does say you are hedging your bets about your future together. If you earn above the tax threshold you will pay income tax by the way. You need to get up to date on buy to let mortgages too. You are not living in it but as you are not married it may not matter. I would check it out tough.

In addition if you do marry and you sell it, you pay capital gains tax on the profit less your allowance. Property is not win/win and you will have maintenance bills too. You need to factor everything in.

Wow. I spoke to DP about it tonight and he thinks it's a really good idea... if I could find a flat cheap enough (we live in London, he can't even believe a house under £150k exists!)

Ok so now I know that it doesn't sound too mad, and could be doable once I am working, then I am making this the end game I think. I'd feel much more secure knowing I have something concrete (literally!) Its not just the investment for me, it's knowing I have some security. I understand about the tax, that's fine. Thanks everyone

So glad to hear your DP is supportive. I think it’ll give you a security blanket, so you know you have it to fall back on.