Should I buy house with partner or wait until his debts are cleared?

E

evi3

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Hi,

I need a bit of advice.

I am 31, with no debt. I am saving 1300pm to prove to banks I can afford a mortgage (knowing however this is no guarantee). I am in a serious relationship with ny partner and we would like to get married in the next couple of years.

He bought during the boom with his friend and this property is now in negative equity. He also has some personal debt which he should have paid off in 2 years and is going to rent out his room and live with his parents for a year.

I would like to buy a house with a view of hopefully never moving again and for that to be a family home. I am very careful with money and have a deposit saved. I just feel a bit afraid of buying (having seen so many horror stories) and also with the fact my partner will not be able to contibute much for the next two years. Would it be wiser to rent for another 2 years? Then on the other hand things will probably not drastically change so am I being over cautious?

Any advice gratefully received. Thanks.
 
I'd wait and see that your partner fully commits to start being prudent with his money and wipes out all his debts before thinking about buying a house with him.
 
It's not clear from the OP, but I assumed she is planning to buy in her sole name. I would advise to not factor in a contribution from your partner, and only buy what you can comfortably afford on your own salary.
 
evi3 said:
He bought during the boom with his friend and this property is now in negative equity.

He also has some personal debt which he should have paid off in 2 years and is going to rent out his room and live with his parents for a year.
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Do not buy with him until both the negative equity and the other debt has been dealt with and he demonstrates reality in relation to paying down debt and saving.

In relation to the negative equity, what solutions have your boyfriend and his friend decided on. What is their plan for this 'investment'?

For the debts, are they significant, if he rents his room will he then be able to pay back these debts in one year. Who is going to handle the tenant etc. All these are not things for you go handle but his handling of them are all part of the process of growing up and should be indicators to you of his financial ability. I'm with Judge Judy in that most men don't grow up until they hit 30, a bit old fashioned etc but it means I generally discount their errors in their 20's.
 
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