Splitting mortgage between spouses, is it possible?

Good evening fellow MSEers,

First time post, have been lurking for about a year or so and have to say before I begin, some of the posts on this site have made me laugh, some have brought a tear to my eye (an I'm a bloke), but most have taught me financial savvy, so cheers to you all :beer:

Background: Mrs Fluke is an independent sort of lady and my early mortgage repayment plans have fallen on deaf ears (I've tried, I've tried :rolleyes:). She's happy to continue as she is, she's well paid and we are, in reality, a financially independant couple. Thing is, she's employed and I'm self-employed, she has a nice pension etc to look forward to. I am currently building savings (thanks to MSE), and of course I want to maximise my potential retirement "pot". This might sound real strange to some folks but it's the way we've always done it (11 years now, how time flies ;)).

OK, so the question: is it possible to split the mortgage? i.e. I get a mortgage for half the outstanding amount (with another lender), pay off half of the current mortgage and then we carry on as two separate entities? My goal is to then pay my "new" mortgage off asap and let Mrs Fluke carry on her merry way. Am not sure of any legal responsibilities with a married couple and can two folks have two mortgages on the same property?

Any help/advice appreciated as I'm kinda confused.

Cheers, OF.

oh yeah, sorry for the ramble!


  • hillcatshillcats Forumite
    899 Posts
    Part of the Furniture 500 Posts Photogenic
    Not sure, but I do think that only one lender will want to maintain the full "charge" over the property.
    Plus you would have to declare each lender to the other as neither would hold the full rights.

    For this reason, Im sure you wouldnt get what you want.

    ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
    NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
    BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 2027
  • dimbo61dimbo61 Forumite
    13.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Better off to contine paying your half of the mortgage and build up your ISA,s and pension as you are self employed.
    Consider at offset mortgage when your existing deal ends!
    God Luck but you need to work together to clear your mortgage
    41.9K Posts
    10,000 Posts Combo Breaker
    no, for many reasons its too complicated and unlikely to work

    -firstly you won't be able to pay off your 'share' of the mortgage even if you have the money because you would still be jointly and severally responsible for the whole of the remaining mortgage.

    - to get a new mortgage in your name would require a second charge on the house... your existing mortgage company might not allow that and most (all) main street companies wouldn't give a second mortgage.
  • PeePee Forumite
    3.8K Posts
    No, you can't. Any mortgage is jointly and severally between all owners of the land. Presumably if you are happily married you could do this in theory with a little spreadsheet showing what you owe and what she owes. As you are married you are both financially responsible to maintain the other anyway, so it is only a case of altering what you think is fair between you rather than with the outside world.
  • SmlSaveSmlSave Forumite
    4.9K Posts
    Part of the Furniture Combo Breaker
    Hi OP

    Pee is right. The mortgage companies won't let you - sorry - you can only have a joint mortgage or one singally.....i.e. you have a mortgage and own the house soley and Mrs is an occupier.

    If Mrs really doesn't want to over-pay on the mortgage and you do, but want to keep things seperate perhaps you could create a Trust Deed or something similar? Just an idea :)
    Currently studying for a Diploma - wish me luck :)

    Phase 1 - Emergency Fund - Complete :j
    Phase 2 - £20,000 Mortgage Fund - Underway
  • getmore4lessgetmore4less Forumite
    46.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You can mimic this with a Barclays offset.

    You get one mortgage and one joint account as part of the mortgage

    You can use these to pay your normal mortgage payemets, both pay your share intothe joint account and te mortgage payment comes out of that.

    You then offset in independant savings accounts as much as you each want, these are individual accounts not joint.

    If you set the morgage up so that overpayments and offset funds reduce the payment you have various options at this point.

    You can share the savings in interest by just accumulating the surplus in the joint account.

    Pay interest on your savings pots from the surpluss in the joint account due to a reduced payment which has the effect of mimicing 2 seperate mortgages, if the OH is not overpaying/offsetting you get all the savings.

    When your offset savings are 1/2 the mortgage you have paid your 1/2 off and can start saving elsewhere.

    You get monthly statements so it is not too hard to work out the numbers.

    You can also put cash ISAs into the pool of accounts.
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