I’m 30M and my GF is 28F. We’ve been dating for 2 years and have been living in a rented flat for 1 year.
Our New Build flat has a scheme which gives us reduced rent for a maximum of 5 years providing we either buy a share between 25%-75%, or move out by the end of that 5 years.
We’ve been renting for a year and she’s always said to me she doesn’t like renting as she feels it’s wasting money when you can use that money to pay for the mortgage instead.
I’m planning to buy my mums council flat as for that scheme, when you’ve lived there for 20 years or more, you’re entitled to a discount of 127,000 providing you’ve owned it for at least 5 years.
The problem is, the terms and conditions state that I can’t be an existing homeowner. So that means I have to pick one.
I’m planning to buy my mums council flat because of the discount. But my GF wants to buy a share of 25% of the flat we’re renting. She’s asked me that we should buy a share of it together but I told her I can’t as they won’t let me. So she’s decided to try buy the share of 25% herself because of these reasons:
1) she doesn’t want to stress about moving out by the 5 years 2) she says we waste money paying for rent when it could go towards a mortgage 3) she’s going part time with her job in 2 months, and says it’s better for her to do the mortgage now so she’ll be able to show 3 months’ full time pay slips, because later on she won’t get accepted as it’ll be part time salary 4) to get on the property ladder and it’ll be easier to buy a second properly later
My question is:
1) Is it bad if GF buys a 25% share of our flat and I’m renting from her as she’ll be my landlord?
2) should I try to stop her from buying now as there is no rush as we have another 3.5 years to decide?
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