How do I calculate split of mortgage

mlz1413

When I bought my current property I had a large cash deposit and my partner had none, but we were buying a renovation and he has all the skills to do it up, so we came to an agreement that I would put in my cash and then the mortgage was joint and paid half each.

But we are a few years in and the renovation is going very slowly as he always has other priorities and I'm fed up of getting no benefit for my cash being tied up. 

I'd like to split the mortgage cost so it is fairer to me, but not sure how that would be calculated.  So would appreciate some help.

I put in 100k
Mortgage 150k

Mortgage is 1000pm 

My thought is he should be paying for 125k and me 25k.

But would appreciate opinions please 

Wyndham

Are you living in the property? If so, you are getting the benefit of a roof over your head. If not, then one way to get your money out is to sell.

canaldumidi

Sounds like this question belongs on a relationship forum somewhere.......

mlz1413

Wyndham said:

Are you living in the property? If so, you are getting the benefit of a roof over your head. If not, then one way to get your money out is to sell.

I do have a roof,yes. But not much floor!
I have discussed selling as I want a home rather than a building site to live in, but he wants to finish it, which could be another 8 years....

My equity in the house isn't growing and I'm paying half the mortgage, I feel that isn't fair. 

mlz1413

canaldumidi said:

Sounds like this question belongs on a relationship forum somewhere.......

I wondered if there was non-baised calculation. But will probably seek financial advice if it isn't clear cut

Schwarzwald

mlz1413 said:

canaldumidi said:

Sounds like this question belongs on a relationship forum somewhere.......

I wondered if there was non-baised calculation. But will probably seek financial advice if it isn't clear cut

If he failed to provide renovation services which were expected to be worth £100k or the same amount as your cash deposit, I would rather say he needs to pay for the entire mortgage (half of 150=75+100>150).

The 50k math doesnt really work imo as you paid 100k for a 50% share meaning you expected his reno Works to be worth 100k not only 50k. 

But it sounds as if he did some work, so that would need to be deducted where it starts to become v blurry.

RAS

Did you have any sort of deed setting out the proportions of the house you own. Otherwise the expectation is 50/50 regardless of what you put in.

mlz1413

RAS said:

Did you have any sort of deed setting out the proportions of the house you own. Otherwise the expectation is 50/50 regardless of what you put in.

Yes but it states that on sale the value I paid in to be repaid, then 50/50 on remaining balance.

turnitround

mlz1413 said:

RAS said:

Did you have any sort of deed setting out the proportions of the house you own. Otherwise the expectation is 50/50 regardless of what you put in.

Yes but it states that on sale the value I paid in to be repaid, then 50/50 on remaining balance.

In that case the mortgage should be 50-50. If you are getting your deposit back on sale then why would the payment on the mortgage not be equal. Not getting the promised work done is a completely different issue. Perhaps some straight talking is overdue.

sidneyvic

You sound a right catch.

marcia_

sidneyvic said:

You sound a right catch.

 As does the partner