Re-mortgage Advice

RED28

Hi,

I am currently coming to the end of my 5 year fixed mortgage deal and am looking to re-mortgage.

I have managed to save £20k which i am thinking about paying off before we re-mortgage to another provider.

The house is in joint names, and at time of purchase i paid £40k deposit, OH did not contribute.

If i decide to use the £20k to pay off the mortgage, that takes my capital in the property up to £60k, plus the capital we have both equally paid off over the last 5 year term.

My question is, should i look to change the ownership of the property to unequal shares to protect my investment should we ever break up in the future (Not planning on it, but trying to think with my head, not my heart)?

I guess the advantages to this would be that any potential market rise in value would be split unequally as opposed to 50/50, so i would see a higher return on my investment. The opposite would be true if the market value dropped. (Is this likely to happen??)

Are there any disadvantages you could advise on?

There is already a declaration of trust in place to protect my original £40 investment. Would it be a better option to update this to include the £20k but still remain joint owners in equal shares?

What are the legal requirements and costs related to both scenarios? Could any forms be filled out myself without the use of a Solicitor?

The above is sending my head into a spin and could do with getting someone elses take on things.

Thank you

Thrugelmir

If your finances are independent and it matters to you to protect your money. Then have the deed of trust amended.

RED28

So keep equal shares and update the DoT to reflect the £60k investment?

Any reason why you wouldn't change ownership to unequal shares?

Thrugelmir

Would you own the property at all without your partners contribution?

RED28

It would have been possible to have taken the property on alone when we bought it, so I guess the answer is yes.