Since I split from my husband 10 years ago, I have had my own mortgage. It is currently valued at £18000 and my mortgage at £77000. My long term boyfriend who has lived with me for 9 years has always paid me rent each month to pay his way, tenancy agreement etc all above board.
We have now decided to clear our large credit cards by borrowing £30000 more against my property on a joint mortgage.
As I have a large amount of equity established in my house and before this happens I want to protect my share for my sake in case things go wrong between us in the future and for my two grown up children. ( he has no children)
I have heard about Tenants in common agreement, I would like to know if this is the best option for me and how would it work, as technicaly he will be entering this with - £15k
I am very lucky as he understands my concerns
Thanks
Vanessa
We have now decided to clear our large credit cards by borrowing £30000 more against my property on a joint mortgage.
As I have a large amount of equity established in my house and before this happens I want to protect my share for my sake in case things go wrong between us in the future and for my two grown up children. ( he has no children)
I have heard about Tenants in common agreement, I would like to know if this is the best option for me and how would it work, as technicaly he will be entering this with - £15k
I am very lucky as he understands my concerns
Thanks
Vanessa