The Press and Journal (Aberdeen and Aberdeenshire)
Key things to bear in mind when buying home with your partner
Couples planning a love nest after Valentine’s Day need a little help, says Miles Robinson
Buying a home with your partner is one of life’s biggest and most exciting milestones.
It’s also a big financial commitment, so it’s important to be organised so that everything runs smoothly.
To kick-start the process, it’s worth consulting a checklist or speaking to a professional who can help guide you both towards financial bliss.
For couples who are considering buying their first property together, here are some top tips to help ease the process:
1 Find out exactly how much you can borrow
If you’re looking to buy together or considering a remortgage, knowing how much you’re able to borrow is essential.
This will impact everything, from location choice to shared mortgage repayments. Using an affordability calculator is a great way to understand what you’ll be able to afford so you can manage your expectations from the beginning.
2 Set up a joint account It’s a good idea to set up a joint bank account to keep track of shared payments, such as mortgage repayments and household bills. Have open conversations about how you’ll both pay the additional expenses that come with buying a home, such as removal costs, maintenance decoration, and repairs.
3 Keep on top of your mortgage deal
Once you’ve secured a mortgage it can be easy to put it to one side. But keeping it front of mind and remembering when your initial term comes to an end could save you thousands in the long run. Keeping on top of your mortgage deal and switching when the time is right will prevent you from paying unnecessary costs in additional interest. 4 Make it legal
If you’re buying with your partner but aren’t tying the knot just yet, it’s important to enlist the help of a solicitor to draw up the correct documents. This can include a declaration of trust, or a cohabitation agreement. These legally binding documents record the financial arrangements between joint property owners and will ensure you are both protected in the event of any changes.
It’s important to remember all applicants are jointly liable, so if one person cannot pay their mortgage the lender can legally demand payment from the other borrower.
5 Remember the home insurance
Home and mortgage repayment insurance are two essential things to have in place to protect yourselves against any DIY disasters, burglaries, or illnesses. It’s important to bear in mind the level of excess you might have to pay if you have to make a claim.
Seek professional advice to make sure you are fully informed and find the best deal for your personal circumstances.
It’s vital you have the right level of protection so that everything’s covered.
It’s important to remember all applicants are jointly liable