"New" Relationships - finances

[etpuisvoila]

I'm turning to Mumsnet for opinions.

I have been seeing a lovely lovely guy for just over 9 months now.

I'm 28 and LM (lovely man) is 36.

We live in a European capital. No children. Both have apartments in decent areas of the city - His a 2 bed - mine a very large 1 bed - both have mortgages. Very lucky to both have very decent careers and be financially comfortable.

We haven't spoken about money at all.

Have been away for a couple of weekends - If I get the plane tickets he tends to pay for things when we're away and visversa. We eat out a lot and seemed to have settled in a who chooses the restaurant pays dynamic. Went away for the summer but to family holidays homes and arrived at different times so both sorted our own tickets.

So here comes the question -

We have no intention of moving in together in the foreseeable future -
we both value our independence and time away from each other - even if we are spending 3+ weeknights together + all weekends.

We spend most of our time together at his apartment because it is slightly bigger and has a second bedroom we can use to work in -we both work a lot out of the office - at his, we can shut doors and have our own space without one of us having to work in the bedroom.

Would it be absolutely crazy for me to put my very central flat up for rent and to rent a smaller flat nearer to his (still central) area - even after tax etc this would save about a 700 euros a month.

That way I'd still have my own place but wouldn't feel so ridiculous about having a large apartment that is empty most of the time.

As it is my apartment has a rental value of about 2250 euros - the mortgage is 2000. I could rent a decent 1 bed nearer his area for about 1100. His apartment probably has a rental value of 1800 - no idea how much his mortgage is - but probably pretty high - I know he only has 8 years left on it - I have 17 years left on mine !!

Any thoughts or other ideas ?

Seems a good idea if you think the relationship will be long term

Good idea to me. Though if you wanted your flat back, how much notice would you need to give the tenants?

Surely this conversation should be had with your partner?

I'd have to give three months notice.

@safetyfreak - Of course it's a conversation I'll have with him - was just wondering if anyone had any logical ideas I hadn't thought of first.

Would you consider moving in together? Why do you need the other rented apartment at all? If it is a two bed apartment that he has, you still have your own space if you need it. And you have your own apartment that you own so you always have something to call yours and to return to if necessary.

You could use the money you save to increase payments on your mortgage to bring you into line with his repayments - so in less than ten years you could both be mortgage free and combine your resources to buy a house or do whatever you like...

The main questions you want to ask your partner are whether he sees the relationship as long term. if not, you should not make any permanent changes. If yes, then make shared plans.

Don't know where you are but the rental income which is taxable is not rent-mortgage in the UK. Only certain expenses are allowable such as mortgage interest and even this is no longer 100%. You would also need permission from your lender, different insurance and safety certs etc.

You would be running a business and need to really ensure you know how to meet your responsibilities etc plus get tax planning advice and possible need an accountant too. I would not recommend it unless you are doing to do it for several years. Also could you continue topay both accommodation costs if they choose not to pay you the rent they owe and cover the costs of evicting them through the courts?

I would keep everything as it is just now. It's early days and not living together make a everything fresher and more fun.

@rememberatime
For the moment I'm actually really enjoying having a place of my own - I met my ex-partner at 18 and lived with them until I was 26 - So this is actually my first time living on my own - and I"m loving it - I love the time on my own - and I think he cherishes his alone time too. I'd really like to still have my own front door and sofa to put up friends.

@wantmorenow
I actually used to rent out the flat I live in now - It's a lot simpler here (Paris) than in the UK I think - The goal would probably be to do it for a couple of years before eventually moving in together.

@Musti I know I know - It is fresher and more fun I just can't get over the fact that my flat that is worth quite a bit over half a million euros is sitting empty 70% of the time .... whereas for the time I now spend home - a small apartment would be just fine !