As
a first time buyer, you may be buying your home with
your partner.
But,
particularly if you're not married, bear
in mind how you would deal with the mortgage if you
wanted to go your separate ways in the future.
If
this happens you would most likely want to minimise
any negativity and get on with your lives rather than
having to extricate yourself from a difficult mortgage
deal.
If
there's a joint mortgage and one of you stops paying
both of you will
be held responsible for the mortgage payments
- regardless of the ins and outs of the situation.
And
that could mean either of you landed with the bill for
both partners - bad news if your relationship breaks
up and one of you does a runner.
An
interest only mortgage with the capital
being repaid with an ISA
could give you an inbuilt safeguard because these
can only be held in individual names. So you're not stuck so
together as with other mortgage arrangements. Ask an IFA
about this.
Whatever
happens make sure that your home is owned fairly
between you ie according to who's paying what
towards it.
If
there's a problem with sharing openly, at this point,
it may be a timely alarm bell to listen to before you
commit.
Be
wary of any undying statements like "I would never...
you can trust me".
Basically
if one partner puts up 60% of the dosh then they should
own 60% of the property... If there's a problem with
that, why should it be a problem. Don't they trust you?
OK
it may be best not to let this interfere with getting
on with your lives. It might never happen. But you were
warned...
If
you did split up you'd probably have to sell up and
each buy something cheaper.
Want
to talk
with a mortgage adviser who specialises in helping First Time
Buyers?
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