UK-Muscle.co.uk Forum banner
21 - 40 of 59 Posts

·
Newbie Trainer
Joined
·
282 Posts
I paid off my mortgage in full about 3 weeks ago on a property that I've lived in on my own for the past 10 years.

Now my girlfriend (who currently rents her own place and has little to no savings) wants us to buy a house together using the entire value of my property as the deposit plus a new 25-year mortgage on top of that.

Not sure what to do but I really don't fancy taking out another mortgage again at nearly 44 years of age :confused1:
 

·
Banned
Joined
·
348 Posts
I paid off my mortgage in full about 3 weeks ago on a property that I've lived in on my own for the past 10 years.

Now my girlfriend (who currently rents her own place and has little to no savings) wants us to buy a house together using the entire value of my property as the deposit plus a new 25-year mortgage on top of that.

Not sure what to do but I really don't fancy taking out another mortgage again at nearly 44 years of age :confused1:
I bet she does...

Smile Skin Hand Facial expression Human
 

Attachments

·
Premium Member
Joined
·
22,797 Posts
Not sure what to do but I really don't fancy taking out another mortgage again at nearly 44 years of age :confused1:
Best thing to do is grow a pair and let her know that she could save her half a deposit and you'll go 50/50 on a mortgage in which you can rent your current property to pay your half the mortgage and she can fund her half.
 

·
Gym Addict
Joined
·
665 Posts
So, I'm looking at mortgages. Most are fixed rate for 2 or 5 years, which is nice and clear, but then after that ( on a 25 year mortgage) they go to variable rate. This is what is concerning me. The variable part seems uncertain. If a variable rate mortgage is 4% for example, does that mean it can go up as well as down? What happens if it goes up a lot? Will I will have to pay a lot more? Cheers.
After the fixed rate is up you search for another fixed rate mortgage using a mortgage broker similar to searching for gas and electric when your fixed tarrif is up, I do a fixed 2 year mortgage each time and if it's with a different providor the mortgage broker sorts the transfer over with ease.
 

·
Gym Addict
Joined
·
665 Posts
I paid off my mortgage in full about 3 weeks ago on a property that I've lived in on my own for the past 10 years.

Now my girlfriend (who currently rents her own place and has little to no savings) wants us to buy a house together using the entire value of my property as the deposit plus a new 25-year mortgage on top of that.

Not sure what to do but I really don't fancy taking out another mortgage again at nearly 44 years of age :confused1:
If your not married get a deed of trust it will cover your arse if she decides to leave you for Omar.
 

·
Premium Member
Joined
·
3,745 Posts
I paid off my mortgage in full about 3 weeks ago on a property that I've lived in on my own for the past 10 years.

Now my girlfriend (who currently rents her own place and has little to no savings) wants us to buy a house together using the entire value of my property as the deposit plus a new 25-year mortgage on top of that.

Not sure what to do but I really don't fancy taking out another mortgage again at nearly 44 years of age :confused1:
All I'd say is make sure you go to a solicitor and have a deed of trust drawn up that specifies and protects any deposit you personally put down.

I know a lot of people don't like to think of splitting up and all that, but without a deed of trust if something goes wrong with the relationship down the line, she'll be legally entitled to walk away with half of the proceeds from the sale of any new house.

44 is fuk all in age getting a mortgage these days. You'll probably be able to get 30 years if you wanted.
 

·
Premium Member
Joined
·
641 Posts
Now there's a blast from the past that I remember well. Mortgage interest rates that were so high I could of ended up homeless. Only paid thirty eight grand for the house in the first place. How times have changed.....
Paid £14500 for my first house, a nice semi it was. Can't even get a decent car for that these days .
 

·
Premium Member
Joined
·
3,745 Posts
Just like the feeling and simplicity of having the cash available.

Then if I do leave either buy another or just go rent somewhere hot near a warm ocean are both easy options,

Just looking into the amount needed in the bank for retirement visa in Oz / New Zealand
Sounds nice. I'd love to be able get somewhere to go for at least the winter months in a few years time.

Not sure how I'll do it at this stage though.

Oh right , wasn`t such a thing as a tracker when I chose my mortgage , choice was endowment or interest only IIRC .

Mine then turned into an offset mortgage; not sure if they still exist.

One thing that has improved vastly with mortgages is the degree of flexibility , not that I trust banks at all these days having been ripped off.
Yeh I think my parents had an endowment mortgage when they bought their first house, which was off of the council on the right to buy scheme. It seemed to have work out OK for them as they got the house for a lot less than the market value anyway.

They sold it too soon to downsize though had they held on another 5 years or so their retirement would have been a hell of a lot more comfortable.

Hindsight is a wonderful thing though I guess.

Don't think endowment mortgages were still around(at least no popular) by the time I bought my first property as I can't recall ever seeing or hearing much about them.
 

·
Gym Addict
Joined
·
665 Posts
All I'd say is make sure you go to a solicitor and have a deed of trust drawn up that specifies and protects any deposit you personally put down.

I know a lot of people don't like to think of splitting up and all that, but without a deed of trust if something goes wrong with the relationship down the line, she'll be legally entitled to walk away with half of the proceeds from the sale of any new house.

44 is fuk all in age getting a mortgage these days. You'll probably be able to get 30 years if you wanted.
The way my solicitor sold the deed of trust to me went as follows "I know it's an additional cost but if you come home one day and find your Mrs shagging someone else you can rest assured your assists are safe"
 

·
Non Nissan Note Driver
Joined
·
3,413 Posts
As @sean m says it can go up and probably will within 10 years. What we're paying at the moment for mortgages is dirt cheap.

I remember one mortgage was going to be about 5% when the intro offer ended. Went with variable as the economy looked like it was to tank. Ended up paying £86 quid a month on an interest only buy to let mortgage. So definitely won that bet. Prior to that we'd been paying about £500 quid before the interest rates plummeted.

One of mine will be up for renewal soon. I'll probably fix for 2 years, then look to fix it for 5+ years, expecting the interest rates to rise.

Some tips that some people don't realise, most long term fixed mortgages will let them take them to a new property. Usually some penalty clause as long as you have a pound left to pay by the end of your fixed term, no penalty to pay but doesn't have to be on the place you originally buy. You also need to take into account when it's remortgage time, they'll probably try and charge you around 1k for the new mortgage and ask if you want to add it to your total. Make sure you do the calculations before accepting this as the first 5-10 years, on a repayment mortgage you're pretty much just paying interest and very little capital. Which leads to the final point, over payments on a 25 year mortgage are a very good idea. More so when interest rates are 4-5%.
Hope it doesn't. My mortgage is 3% and come remortgage time I'm aiming for 1.9 and I'm locking in for my maximum term
 

·
Premium Member
Joined
·
3,745 Posts
Getting married nullifies a deed of trust I was told and a pre nup will need to replace it.
Good call I wasn't aware of that. Never been married and have no intention to ever be.

From reading the below not sure if being married categorically nullifies a declaration of trust but a pre/post nuptial would seem the safer option if married.

"What happens if you get married?

Of course, many cohabiting couples will get married. If this is you, check your original declaration of trust. It might include provisions about what happens when you get married - but they won't be conclusive, as section 25 of the Matrimonial Causes Act 1973 applies once you're married, or in a civil partnership.

The deed of trust will give a good indication of your intentions, though, and can be considered in court. However, we recommend a pre-nuptial or post-nuptial agreement to capture the details of what would happen if you were to separate."
 

·
Premium Member
Joined
·
22,797 Posts
It's far easier to just keep things separate then there's no hoping she can't get her hands on what you've accumulated prior. If ever the couple split, it's simply a matter of halving the joint assets.
 

·
Premium Member
Joined
·
2,491 Posts
I bought my first house at 18, at 20 my partner wanted to get a joint house but had no deposit.

So i paid 25% deposit and had legal contract (much like a prenuptial) that at any point we separate/sell the house i take out 25% of the sale value before the remainder is split between us.

She really wasn't happy, but I said either that's the deal or we don't get a joint mortgage.
 

·
Premium Member
Joined
·
6,283 Posts
I paid off my mortgage in full about 3 weeks ago on a property that I've lived in on my own for the past 10 years.

Now my girlfriend (who currently rents her own place and has little to no savings) wants us to buy a house together using the entire value of my property as the deposit plus a new 25-year mortgage on top of that.

Not sure what to do but I really don't fancy taking out another mortgage again at nearly 44 years of age :confused1:
At 44 years of age you should be wise enough to know not to do this. Why would she not sell her place. You sell yours and both buy a new one together
 
21 - 40 of 59 Posts
Top