What would you do? Buy something now or wait

[puertoval]

Looking for some advice on whether or not it would be a good idea to buy.

I'm 27 and have been saving hard for a deposit for a flat. I finally have enough to buy somewhere and have the income to cover the mortgage. I could borrow up to about £750k but I know that's daft so I'm looking at one bedroom apartments in nice areas for about £450k.

I have a long term partner who I live with. We rent a flat in a great area. This flat would cost about £650k. He also has a very good salary and a deposit ready. But I don't think I'm ready to commit to 25 years on a mortgage together. No relationship issues at all.

I have an 'itch' to own somewhere of my own and finally feel like an adult. Is it better to just get on the ladder? or should I wait and save for a few more years and see if I want to buy together?

Sorry not helpful at all but the main thing I'm taking from this post is that you're 27 and could get a £750k mortgage on your own as a FTB! Wow! That's amazing!

City banker? Or similar!

You don’t get tied into one partner! You can draw up an agreement as to who gets what if you separate. DD is a high earning barrister and would do this for herself and a partner. Then if property is sold, it’s split according to the agreement. She already has a flat as she didn’t want to pay rent. Bought at 26. So I would go for a joint property but make sure you understand the division of the asset if it doesn’t work out.

Do not over stretch the borrowing either. Leave some for fun.

If you don’t want to buy with him, would you move out to live on your own in the flat?

Or would he live with you and pay bills? If the latter think about having a cohabitation agreement in place with him to protect your property.

Alternatively would it be worth buying something as an investment buy to let, maybe somewhere cheaper so you get a good return, and continue renting with your partner?

Buy together, but make it somewhere you can afford to buy him out if needed.

Be careful with but to let. Labour might ensure your tenant has all
the rights and you never get to sell
it!

I bought with a partner at your age and split - we then bought our own places with the sale proceeds. It was stressful and painful, esp for him (I ended it) but set us both up financially - so there were ups and downs. I suppose my question would be - are you able to have an honest conversation with him about this, and not feeling ready? What does he say? What is it you think you actively want and need - a period living alone before committing, a clear fair get out plan for you both if it doesn’t work, or in fact to be single? I think that’s what I’d be asking myself. Good luck it’s tough to know sometimes

Why not buy alone and he pay you rent?

I don't get why you don't just buy a bigger place with your long term partner? You're not committed to 25 years with him or the flat.

Definitely buy.