Buying together- advice!

[onthebrink23]

We are both divorced, I have 3 kids. We have just found a property that is perfect for us all… but we only bought our own properties last year!!
WWYD/ any experience in this?
Do we wait until our fixed mortgages end next year & lose this house, or try to get out (before it sells)?

yes- my kids adore him.
yes- it’s soon but feels right for both of us.
yes- we can both be romantic fools so also need to be sensible.
But after 20 years each with the wrong partner, we also feel we deserve to just be happy (and possibly too old to keep waiting for the time society thinks is ok?!)

I need some objectivity please 🙏

You can port your mortgage over to the new house and borrow any additional funds so you would have 2 mortgages. Your existing lender will have to agree to port and you would have to go through the whole mortgage process again

Are you living together at the moment?

Don't be romantic fools when it comes to money and your children's home. Ever.
How long have you been together? Do you live together now?

Draw up an agreement on finances before you do anything. Solicitors can do one. It’s about what happens to assets and money if you split up. If you are not marrying it’s vital. Probably vital (pre nup) even if you do marry! Be prepared and make sure you safeguard your finances and a home for DC.

Can you not sell your existing house? A second home attracts CGT and what about council tax? Is there extra to pay on a second home? I’d be careful.

If you’ve never lived together before it is a big risk to buy as a first step. Does he have kids or just you?

coordinating 2 sales and a purchase will be a nightmare. I’d say sell his, he move in with you. He pays half bills but no rental contribution until his Early redemption charge is paid off (so you’re essentially splitting that) see how you get on.

then after a year or so you port your mortgage and he takes out a new mortgage for the additional borrowing

All so helpful!
yes we both got screwed over with our divorces so are trying to learn not to be so soft when it comes to money. He doesn’t live with us full time so yes, let’s do that first… if that house is still on the market next year, it’s meant to be, if not, the right one will be. Thanks for calming me down- I got a bit excited.

This is so quick op!!! You separated 2 years ago.

just pause and don’t do this!