A recent study produced by L&C Mortgages has revealed that some 1.8million adults in the UK have primarily stayed or would stay in a relationship in order to get on to the property ladder.
They found that 1.8million people had stayed with a partner in order to pay for the mortgage or a deposit. On average, 44% of the 1.8million remained in their relationship for at least a year longer than they would have if there were no financial consideration and a further 15% stayed for more than two years and 40% said they were still with their partner now.
David Hollingworth from L&C Mortgages said the results of the study were ‘indicative of the struggle people face when buying their first home’ and that it ‘isn’t right that people are sacrificing their emotional wellbeing in order to focus on financial stability’.
If you are considering purchasing a property with your partner it is important to think clearly when it comes to such an important financial decision. Once the deposit has been paid and a mortgage entered into, what happens to the family home upon separation may be more complicated if you have never married.
If you are buying a house with your current partner, make sure that you have a Cohabitation Agreement in place so that both of you are very clear about who walks away with what in terms of ownership. To speak with one of our specialist Family Law solicitors about a Cohabitation Agreement please call 0161 927 3118.