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Paying half boyfriends mortgage?

  • 07-03-2012 05:28PM
    #1
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,012 ✭✭✭✭


    I don’t mean to go too off topic… but how should it work if you move in with your partner to an apartment they own? I’m sort of in this situation atm… living with him, but unemployed so he’s happy to put me up until I get a job (can’t even claim the dole because I’m means tested against him, so financial contribution isn’t an issue yet). We’ve tried to discuss what will happen with money when I get a job. He suggested doing it based on our salary (similar situation to the OP), which I think is reasonable… BUT he wants to base my ‘rent’ on the cost of his mortgage (eg if we’re earning equal amounts I pay half his mortgage). Or should I just be paying whatever the average rent is for the area we’re living?

    I’m not sure what’s fair. He says that he’ll just save that money (my ‘rent’) to build our own place in the future. And that later in life when the mortgage on the apartment is paid off that I’ll benefit from the profits of renting it out then. (we’re together years and have discussed marriage etc)


Comments

  • #2
    Taltos
    Registered Users, Registered Users 2 Posts: 20,830 ✭✭✭✭Taltos


    We have given you your own thread instead of pulling the other one off topic.

    Taltos


  • #3
    jimmycrackcorm
    Registered Users, Registered Users 2 Posts: 14,406 ✭✭✭✭jimmycrackcorm


    You should pay the same amount as if you were renting the same way in another apartment. Paying half the mortgage does not apply because he gets the benefit in the ownership so you should base it on rental circumstances.


  • #4
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,012 ✭✭✭✭LegacyUser


    You, or rather he, should be aware that if you do not sign any tenant/lodger agreements or contracts, in the eyes of the law you are seen to be paying a portion of the mortgage and over some time, you may be entitled to a share of any profit he may make upon selling.

    This is something you both should fully research.


  • #5
    zxcvbnm1
    Registered Users, Registered Users 2 Posts: 422 ✭✭zxcvbnm1


    OHmortgage wrote: »
    I don’t mean to go too off topic… but how should it work if you move in with your partner to an apartment they own? I’m sort of in this situation atm… living with him, but unemployed so he’s happy to put me up until I get a job (can’t even claim the dole because I’m means tested against him, so financial contribution isn’t an issue yet). We’ve tried to discuss what will happen with money when I get a job. He suggested doing it based on our salary (similar situation to the OP), which I think is reasonable… BUT he wants to base my ‘rent’ on the cost of his mortgage (eg if we’re earning equal amounts I pay half his mortgage). Or should I just be paying whatever the average rent is for the area we’re living?

    I’m not sure what’s fair. He says that he’ll just save that money (my ‘rent’) to build our own place in the future. And that later in life when the mortgage on the apartment is paid off that I’ll benefit from the profits of renting it out then. (we’re together years and have discussed marriage etc)

    The absolute norm is that you pay the going rent rate as if he was renting to a stranger.

    If he thinks otherwise or tries to justify otherwise then he is wrong.


  • #6
    ihsb
    Closed Accounts Posts: 678 ✭✭✭ihsb


    Because it is his mortgage and you wouldn't stand to get anything from it if he was to sell, why not offer to cover all bills and buy the food etc?

    Either that or do what the others have suggested and pay half the going rent for the area (presuming that if you were renting he would pay the other half).


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  • #7
    johnr1
    Closed Accounts Posts: 965 ✭✭✭johnr1


    Half the rent of a similar apartment in the same area, and half the bills (assuming you earn as much as him, otherwise discuss proportions of the same figures based on earnings.

    Rent is less than a mortgage (full cost mortgage) because you don't ever own the property.
    If you pay half his mortgage, for say five years without you two getting married, you'll have paid a whole heap more than you would in rent. If ye then were to break up, it gets right messy trying to prove 'common law marriage' in order to get any benefit from paying the higher amount, and would make separation more difficult for BOTH of you.

    I've seen one couple do this (she paid half his mortgage) but they were engaged, and he's the tightest bastid I know anyway. We who knew were worried for her in case the marriage didn't go ahead, but thankfully it did and they are ok. Big chance to take though.

    .


  • #8
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,012 ✭✭✭✭LegacyUser


    Thanks for the advice guys!

    I was thinking that going by rent prices was the right way to go, but just wanted to make sure I wasn’t totally in the wrong. I’ll have to do more detailed research, but I don’t think there’s a huge different in rent vs ½ mortgage in this situation, but even an extra €100/month would add up over time and it will probably be ~5 years before we can afford to build a house together.

    From there I’d be happy to split the cost of food and bills, either 50/50 or based on salary (unfortunately I don’t know what kind of wage I’ll be on yet, but in this economy there’s a very good chance it will be a good bit lower than his).
    Jgiles wrote: »
    You, or rather he, should be aware that if you do not sign any tenant/lodger agreements or contracts, in the eyes of the law you are seen to be paying a portion of the mortgage and over some time, you may be entitled to a share of any profit he may make upon selling.

    This is something you both should fully research.

    Thanks for that! I don’t think he’s interested in selling at all, the plan is to rent the place down the line when we’re in our own place. Once the mortgage on it is paid off, the rent generated by it will be the profit. I’m fairly clueless about the legal side of things… if I’m ‘renting’ from him would he have to keep a log book and have to pay taxes on it or anything? I don’t want him to be out of pocket because of me either. I was thinking I’d just transfer a set amount of money to his account each month, but maybe it’s not as simple as that :/

    And how do these things work in terms of renovations… obviously things like a lick of paint and new furniture I’d go 50/50 on, but what about bigger jobs that could potentially need to be covered? For example there has been a recurring problem with damp/mould in the hall (ok atm, but could be a problem again). As the ‘landlord’ is this his responsibility or would I have to cover this too? Sorry, I might be coming off as very petty, but I’m really very doubtful about getting a job with a decent wage :/ So money is a worry, especially if I want to put money away for our own place.


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