I live with my partner in rented accommodation. We had been planning to buy a property but a few months ago I learnt that he has gambled away half our savings for the deposit (as well as huge amount of loans and credit cards - such a mess). We are staying together.
I am now at a total loss for what is the best thing for me to do. I could buy a very small property with a mortgage in just my name with the remaining savings. It would be 2-3 bedrooms and we have 3 young kids. Or I could wait however many years it will take for his credit score to have recovered enough (he has a debt management plan) and buy a bigger house with him.
Would I be totally mad to consider getting a mortgage with him? Does it have implications for if he were to gamble/miss payments/get debt again in the future - could we be forced to sell? We aren't married, if it makes any difference (and will never be now as I think that does have implications for whether I'd become responsible for debt!). As much as we're working on things together, I have got to protect myself and our kids financially.
Any thoughts appreciated, thank you
Hello AnonB, thanks for your comments and so sorry to hear what you are going through. I'd encourage you to seek professional expert advice. This platform is great for sharing experiences and encouragement, however your questions are complex and life-changing so please call organisations that are qualified to help. There are many people going through similar issues in this community however I believe each case is unique and deserves the time, attention and detail to advise you properly. I don't believe it's fair for someone to tell you if you should get a mortgage together as only you can answer that, however I will tell you that gambling addiction is destructive and shouldn't be underestimated.Â
Hi Anonb
look at ’tenants in common’ . Try to be financially separate and then he is responsible for his own debt and not you. If you do go down this route he must be financially transparent with you. As far as I’m aware mortgage companies now are very strict.
you will need to be ruthless and make sure regardless that he’s pays his share.
I think you already know the answer and your question is rhetorical.
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