Partners a gambling addict and has been for years, he’s had the gamban, the councilling, never went to the groups, still gambles hundreds every month but we’re now in a position to buy a home due to a turn of events
do I become financially tied in a house with someone who still lies/ still gambles?
how can I protect my half of the asset? If it goes to pot I won’t be able to afford to pay the mortgage alone and I’ll end up homeless, I feel this risk is based on trust and that’s just not there.
I am no expert but I would just run. If he tried to stop and went back. He or she is going to have to hit a new rock bottom which will have you financially tied in to hit it again to think of stopping again. Make it now the rock bottom by leaving you're partner now. It might work out in a couple months and you get back together and he is activity having support and help for his or her addiction.
Thats my opinion and a difficult decision and as a compulsive gambler I wish I had a partner to do that to me years ago.
Take care.
Dave101
Partners a gambling addict and has been for years, he’s had the gamban, the councilling, never went to the groups, still gambles hundreds every month but we’re now in a position to buy a home due to a turn of events
do I become financially tied in a house with someone who still lies/ still gambles?
how can I protect my half of the asset? If it goes to pot I won’t be able to afford to pay the mortgage alone and I’ll end up homeless, I feel this risk is based on trust and that’s just not there.
There are a couple of options available to you - realistically though you should not buy a house with someone you know is lying/gambling as you are just delaying the inevitable problems that will come in the future.
If you are adamant you want to proceed, there are ways of protecting your side of the mortgage but you will need to speak to a solicitor. If you can't afford the payments alone and need the combined income for the mortgage, you could always ask your solicitor when they draw up the transfer deed (as part of the purchase process) to have the property split 95% in your favour (5% to your parner) or whatever split you decided. This would effectivley protect you in the event of a split (mortgage company would have the first charge on the property and whatever was left would be apportioned based on your %) - it should potentially protect you from anyone trying to sneak on a secured loan in the future as well (but get advice on this)
A mortgage is a massive commitment though and taking one out with someone who is financially unstable could get messy very quickly and do significant damage to your finances in the future. Personally I would look at getting the mortgage in my own name and coming to an agreement for your partner to pay the bills but you pay the mortgage payment (if possible) so you are 100% protected.
Partners a gambling addict and has been for years, he’s had the gamban, the councilling, never went to the groups, still gambles hundreds every month but we’re now in a position to buy a home due to a turn of events
do I become financially tied in a house with someone who still lies/ still gambles?
how can I protect my half of the asset? If it goes to pot I won’t be able to afford to pay the mortgage alone and I’ll end up homeless, I feel this risk is based on trust and that’s just not there.
There are a couple of options available to you - realistically though you should not buy a house with someone you know is lying/gambling as you are just delaying the inevitable problems that will come in the future.
If you are adamant you want to proceed, there are ways of protecting your side of the mortgage but you will need to speak to a solicitor. If you can't afford the payments alone and need the combined income for the mortgage, you could always ask your solicitor when they draw up the transfer deed (as part of the purchase process) to have the property split 95% in your favour (5% to your parner) or whatever split you decided. This would effectivley protect you in the event of a split (mortgage company would have the first charge on the property and whatever was left would be apportioned based on your %) - it should potentially protect you from anyone trying to sneak on a secured loan in the future as well (but get advice on this)
A mortgage is a massive commitment though and taking one out with someone who is financially unstable could get messy very quickly and do significant damage to your finances in the future. Personally I would look at getting the mortgage in my own name and coming to an agreement for your partner to pay the bills but you pay the mortgage payment (if possible) so you are 100% protected.
Buying a house with a partner who struggles with gambling can be risky, especially if trust is an issue. Consider these steps to protect yourself:
Given the situation, weigh the risks carefully and consult with a financial advisor or attorney to safeguard your interests. For more on assessing how much you can afford, check out this guide.
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