Tweet
Has anyone ever bought a house with a partner who has kids when they are childless themselves?
I’ve been with OH 3 years. We’ve bought a house recently. We’re both in different positions, and my deposit was double his. So we bought as tenants in common and agreed if we split up any equity will be split 50:50.
When we got the mortgage the broker advised to get life cover. He insisted he didn’t want to, he said he wouldn’t be able to get it as he’s tried before and couldn’t based on medical histories (he’s had no actual diagnoses of anything serious) I expressed my concern that I was putting in 65k into the house over his 32k and that my salary of 26k would not be enough to afford the 217k mortgage on my own. He said he would use his pension to cover it if he dies or death in service or something along those lines.
Stupidly we proceeded with the sale, him reassuring me it would be ok, and getting annoyed when I tried to discuss legal matters like this to ensure things are fair for all involved. The broker told me it would be best to get insurance on his life myself, the cover in my name. To make sure if he dies, the mortgage can be paid off by me so I can live there. The insurance is decreasing amount in line with mortgage, she did say at the time that in order for me to be able to stay in the house if he died. He would need some cover to enable me to buy out his daughter.
Fast forward a month into the house, he’s been to sort his will. He comes back and tells me that if he dies, his executor will be able to force a sale at any point, regardless of my wishes. Depending on what is seen best fit for his daughter at that time.
I’m terrified that I could end up on my own in 10-20 years, and even though the mortgage would be paid off with my cover, there could be a high chance I could be forced to sell up to pay her share. So many questions are niggling at me, what if I’m ill and can’t sell? I have no critical illness cover, what if I’m happy here and it’s been my home for 20 years and I don’t want to sell? But if I don’t sell, how will I be able to afford to buy her out? The value of the house could be worth double or triple by then!
I’ve only ever known it that in this scenario, couples both have life insurance to pay off the mortgage, and they have the right to remain till they die themselves or sell or remarry etc, then the kids get the inheritance. Am I being wrong here to worry about this?
How is it usually done? I just don’t want a risk of being old and homeless or old and having to borrow more money, or Ill and in any situation like that were I have to go into rental, or a home, or homeless. At that point in my life I won’t have my family to fall back on as they won’t be around anymore, and I have no kids of my own, whereas she still has her mum who is a civil servant on good pay too. I’m scared.
I’ve been with OH 3 years. We’ve bought a house recently. We’re both in different positions, and my deposit was double his. So we bought as tenants in common and agreed if we split up any equity will be split 50:50.
When we got the mortgage the broker advised to get life cover. He insisted he didn’t want to, he said he wouldn’t be able to get it as he’s tried before and couldn’t based on medical histories (he’s had no actual diagnoses of anything serious) I expressed my concern that I was putting in 65k into the house over his 32k and that my salary of 26k would not be enough to afford the 217k mortgage on my own. He said he would use his pension to cover it if he dies or death in service or something along those lines.
Stupidly we proceeded with the sale, him reassuring me it would be ok, and getting annoyed when I tried to discuss legal matters like this to ensure things are fair for all involved. The broker told me it would be best to get insurance on his life myself, the cover in my name. To make sure if he dies, the mortgage can be paid off by me so I can live there. The insurance is decreasing amount in line with mortgage, she did say at the time that in order for me to be able to stay in the house if he died. He would need some cover to enable me to buy out his daughter.
Fast forward a month into the house, he’s been to sort his will. He comes back and tells me that if he dies, his executor will be able to force a sale at any point, regardless of my wishes. Depending on what is seen best fit for his daughter at that time.
I’m terrified that I could end up on my own in 10-20 years, and even though the mortgage would be paid off with my cover, there could be a high chance I could be forced to sell up to pay her share. So many questions are niggling at me, what if I’m ill and can’t sell? I have no critical illness cover, what if I’m happy here and it’s been my home for 20 years and I don’t want to sell? But if I don’t sell, how will I be able to afford to buy her out? The value of the house could be worth double or triple by then!
I’ve only ever known it that in this scenario, couples both have life insurance to pay off the mortgage, and they have the right to remain till they die themselves or sell or remarry etc, then the kids get the inheritance. Am I being wrong here to worry about this?
How is it usually done? I just don’t want a risk of being old and homeless or old and having to borrow more money, or Ill and in any situation like that were I have to go into rental, or a home, or homeless. At that point in my life I won’t have my family to fall back on as they won’t be around anymore, and I have no kids of my own, whereas she still has her mum who is a civil servant on good pay too. I’m scared.
Comment