Overpaying - Partner can't afford to.

lauren514

Hi All

I am wanting advice on the following situation.

I bought a house last year with my partner - owing £118000 to the mortgage provider over the next 24 years.

We are both debt free, but work hard for average salaries, and once the bills are paid there really isn't too much left.

I regularly save £200 a month, and I have decided I would rather put this into the house while I am on a fixed rate and earning nothing on it sat in the bank, as mortgage rates will indeed rise within the next few year.

My problem is my partner cant regularly afford to do the same, and I understand, but we are equal in the house and are supposed to be halving the cost.

I just feel that it's going to end up costing me more than it needs to, when annoyingly I can afford to put extra in each month.

Any ideas on how to tackle this? Such as being responsible for only half of the house/ mortgage?

Suggestions welcome

Thanks

susan1105

Do you both really need to put the same amount into the house, I am sure that maybe at different times over the next 24 years you will both have different amounts that can be saved.

As long as you are both happy, that extra is being paid off. I have always looked at finances as joint not mine and theirs

pammyj74

I do know where you are coming from Lauren, I would feel the same. I have been burned before and will never again have a joint account etc.

Its quite a hard decision to make, maybe only put half of what you would and still save the rest, could you OH match that? It wouldnt be fair for him to expect you to put all your spare money into the house.
What if you were to go your separate ways, you would have put way more into the house, (this is worst case scenario obv)

if you could draft up a plan so you get what you pay in back if that were to happen then maybe you would be covered but if it were me I would want to try and match OPs with each other to be fair.

Is there a reason he cant put in the same, does he have more outgoings than you? Do you earn more?

edinburgher

If you're willing to take on a 25 year financial commitment with someone, it's unrealistic to expect complete parity for everything, all the time.

Swings and roundabouts.

Not having a dig, but I never understand this mentality, different people bring different things (and assets) to relationships. For example, I earn considerably more than my wife and have done so for the last 3-5 years. On the other hand, her parents helped us with our deposit and gave us a free old car to use

We treat all things as equal, chances are the courts would too if the worst happened.

Lois_E

edinburgher wrote: »

We treat all things as equal, chances are the courts would too if the worst happened.

Well, yes, if they're married. She's a lot more vulnerable, though, if they're only cohabiting and then they split up.

lauren514

Hi All

Thanks for the replys.

I appreciate with taking a 25 year commitment on with my Partner - not Husband, there will be times when we may not be able to contribute the same towards the house, but I am hoping we will ALLWAYS be able to keep up the minimum repayments which we split 50:50 as agreed.

We earn the same, both working full time (he is a builder, I am a trainee accountant) and part time (building and in a pub respectively), however his outgoings are more due to fuel.

This is the 21st century and as much as I am happy for this relationship to last a life time, you have to be realistic, just in case. I wouldn't expect him to input more than me, weather he earns more or not, because he earns it, not me!

Maybe I will keep a log of what I OP, and draw up something along the lines of "you get out what you pay in" - or perhaps he could just reimburse me when he can afford to do so.

I just think its a waste to have my money sat in an account, and not overpaying.

Thanks again all.

CKhalvashi

We had the agreement (in writing) that you get out what you pay in, plus 50% of profit, so this would be the way I would do it.

CK

edinburgher

Lois_E wrote: »

Well, yes, if they're married. She's a lot more vulnerable, though, if they're only cohabiting and then they split up.

That's a valid point Lois :beer:

CLAPTON

lauren514 wrote: »

Hi All

Thanks for the replys.

I appreciate with taking a 25 year commitment on with my Partner - not Husband, there will be times when we may not be able to contribute the same towards the house, but I am hoping we will ALLWAYS be able to keep up the minimum repayments which we split 50:50 as agreed.

We earn the same, both working full time (he is a builder, I am a trainee accountant) and part time (building and in a pub respectively), however his outgoings are more due to fuel.

This is the 21st century and as much as I am happy for this relationship to last a life time, you have to be realistic, just in case. I wouldn't expect him to input more than me, weather he earns more or not, because he earns it, not me!

Maybe I will keep a log of what I OP, and draw up something along the lines of "you get out what you pay in" - or perhaps he could just reimburse me when he can afford to do so.

I just think its a waste to have my money sat in an account, and not overpaying.

Thanks again all.

whilst it is realistic to think about what would happen if you split up, is it realistic to assume you will both always be on approx. equal income?


if you are a trainee accountant will not your income rise once qualified?
will you still insist on equal payments ?
what if you have children?


for the mean time, I would suggest you keep your separate savings a/c and see how thinks work out

BillJones

lauren514 wrote: »

This is the 21st century and as much as I am happy for this relationship to last a life time, you have to be realistic, just in case. I wouldn't expect him to input more than me, weather he earns more or not, because he earns it, not me!

We put in 50 / 50 on our house, despite me earning more (wife's choice, not mine, she wants to pay half of the ongoing costs), and so have the same issue that you do.

There is no "solution", as such, you just have to choose, forego the benefit of overpaying, or no longer stick with a 50 / 50 split.

From a pragmatic point of view, you could write up an agreement about the ongoing change in ownership percentage if you overpay, so that it's clear that you will be accruing more than 50% of the house, and both agree that it's fair, then sign it.

It may not be strictly enforceable i nan acrimonious split, but most problems seem to arise where the two people in a relationship had different understandings about what was "understood". Pointing out that you want to put more in, but therefore have a bigger share, is maybe teh best route, but if your other half does not quite "get" the resoning, you might find that they don't like the idea at all.