Equity/Property ownership shares

zipp

Hi everyone,

My partner and I have made an offer on an apartment and are now in the process of waiting for the mortgage survey to be carried out and going through all our financial arrangements.

As my income is considerably lower than my partner's income -We have agreed as follows:

My partner pays 75% of deposit
I pay 25% of deposit

My partner pays 75% of of mortgage repayments
I pay 25% of mortgage repayments

All other fees and bills we split 50/50

My partner owns 75% of the property/equity
I own 25% of the property/equity

However:
Someone has suggested that we should pay the mortgage repayments 50/50 - my partner has asked me if I would consider this.

Though I am on a lower income than my partner I don't mind this arrangement but feel that my share of the equity should increase proportionately if I pay 50% of the mortgage repayments?

Am I correct in thinking this?

FYI The mortgage is a repayment mortgage.

Also whatever we decide is this something that we get drawn up with the solicitor handling the conveyancing arrangements?

All advice is most appreciated.
Many Thanks Zipp

pip6789

My instincts would say to stick to the same arrangement 25% otherwise your paying more mortgage off than what you would be entitled to if you sold - sort of thing. It doesnt seem fair.
Or you could argue that as you live and use 50% of the house its like your paying rent for the portion of the house that is not yours.
Its a hard one. Sorry I cant be more help.