Moving in for the first time and buying together?

A reader is planning to move in with his girlfriend and buy together. She is already on the property ladder so he is looking for advice.

Donna Bradshaw, financial planning strategist at IFG Group part of our team of Independent Financial Advisers (IFAs) from unbiased.co.uk, offers a helping hand.

Mr Turner from London asks:

My girlfriend & I are looking to buy a house together.

I am currently renting a flat and this would be my first step onto the housing ladder. However, my girlfriend already has a property, and has almost paid off her mortgage.

She is planning to sell her current property and put the resulting cash towards the new place. However she would like to avoid having a mortgage on the new property if at all possible.

So my questions are:

1. It is possible for us to buy a house together (with both our names on the title deed), with her paying for part of it and me taking out a mortgage for the rest? Or would she also have to be on the mortgage?

2. From the point of view of my finances, is this a sensible thing to do?

Donna Bradshaw, financial planning strategist at IFG Group replies:

Don’t buy, rent.

If you are moving in together for the first time, renting will not tie you in and if the relationship doesn’t work it is far easier to get out of.

I think the only way for property is down so from an investment point of view the best course of action is to sell girlfriend’s house, invest the money and wait a few years.

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