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Joint mortgage - Different terms ??

ICT_MSE
ICT_MSE Posts: 1 Newbie
in Mortgages & endowments
My partner and I are looking to buy a house together using a joint mortgage.
We are each putting down the same amount of deposit, however, as my partner earns considerably more, she would like to pay her half of the mortgage off in 10 years whereas i'm looking to spread my payments out over 15 years.
I'd be grateful if anyone could offer any advice or suggestions for this scenario?

Comments

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    It's relatively easy to structure although the mortgage will be the same term at the start.
    Own 50:50 and just do 2 virtual debts one with over payments.

    An offset mortgage can also work if the higher earner is willing to share the interest savings from overpayments.
  • K_S
    K_S Posts: 6,893 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    edited 10 February 2021 at 6:02PM
    @ict_mse Mortgage wise, there isn't anything lenders offer that is tailored to this scenario.

    However, through overpayments and tracking internally amongst yourselves you could reach the same outcome as outlined in your post, with your partner paying off "her half" in 10 years.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 10 February 2021 at 8:02PM
    Mortgages are joint. Are you intending to run all your finances independently?  
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