How do OH and I work the mortgage out??

squirrelchops

Hi all,

Sorry if there is a similar thread already on this.....takes me forever to find them!

When I met my OH I had my own house which I sold when I moved in with him, to his house. As I was going off to Uni as a mature student he told me that he would continue paying the mortgage, bills etc as he would have to anyway if he had been on his own. I contribute by doing the food shopping and cooking as the nature of my course, including months on unpaid placement makes it hard to work except in the holidays.

Anyway, with my course coming to an end we have discussed what to do when I am working full time as I would, of course like to contribute to the mortgage, bills etc.

Initially we thought about moving but now we want to stay put as we really like where we live and OH's job appears secure.

So, what is the best thing to do? We have lived here for 2 years so could I go on the mortgage but allow for the extra mortgage he has already paid so a 60/40 split or the like should the worst happen and we split? Does this incur many charges to have the mortgage latered in this way.

Or would we be better waiitng a few years and just buying afresh together?

Any advice gratefully received.

Robert_Sterling_3

The best thing for you to do is go on the mortgage 50:50

squirrelchops

Hi Robert_Sterling,

I understand 50/50 would be best for me but how do this work when OH has paid in more both in terms of deposit for the house and 2 years mortgage payments already???

Richard_Webster

As far as the lender is concerned, whatever you agree between you as to percentages, you are both liable for the whole amoutn and the lender can choose who it chases if there is any default. You can't say to the lender "I've paid my 40% so it's not fair your trying to kick me out..."

PasturesNew

Go 50:50 on the paperwork, but you pay the mortgage until you've paid the same amount he did over that period. Then both start going halves....

So now he gets his X years of free living.

bob79

If you don't earn 50:50, then it doesn't seem obvious to pay 50:50 for the mortgage. I would say: pay for the mortgage in ratio to your (after tax) income. This might change over time of course.

Keep track of the total amount of money each of you puts in and divide the equity accordingly if it comes to a split. Keeping track of this is easily done if you set up a joint account solely for the purpose of paying the mortgage and transfer money in from your separate accounts.

Treat the money that your OH has already paid for the house accordingly.

squirrelchops

Thank you all. I don't think i would be able to pay his share to 'match' it so to speak so Bob I think i'm with you on this one!

kunekune

If you are both on the title, whichever of you wants more than that, will have to prove that they are entitled to more (see Stack v Dowden and discussion on burden on proof). If your intention is to share equally rather than to apportion everything precisely according to what each of you earn, and you put the property in joint names, then you should get half the property. There are lots of relationships where A earns more than B but they are still equal partners. If you are more like flatmates, I suggest you make sure that there is a document that reflects that.