Shall I pay off husbands half of mortgage? 3 October 2022 at 11:54PM in Mortgage-free wannabe 4 replies 225 views

lasernurse

With the increasing interest rates I feel it would be wise for us to pay off our mortgage. We have £80,000 to pay. He is saying he only has £10,000 to put towards it. I can pay his side and thinking to get him to set up a direct debit to gradually pay me off. How can I protect my self if we were to split? (Good marriage but these things happen)

marcia_

lasernurse said:

With the increasing interest rates I feel it would be wise for us to pay off our mortgage. We have £80,000 to pay. He is saying he only has £10,000 to put towards it. I can pay his side and thinking to get him to set up a direct debit to gradually pay me off. How can I protect my self if we were to split? (Good marriage but these things happen)

 His half, your half! You're married you share the debt 🤔

tacpot12

Marcia is correct. There is no way to 'protect' yourself when you are married, but gven the rises in interest rates, I would say that unless you are actively considering divorce, it would be best to pay off as much as the mortgage as you can. I would get him to put his £10,000 into a joint account and pay your money directly to the mortgage company, and pay his as the same time from the joint account. 

Zerforax

Does the rising interest rates impact you straight away? If you're on a fixed mortgage deal then your monthly repayments won't change. Also you would have to pay an early repayment charge?

tripled

Each of your assets would surely be taken into account in any divorce settlement, are you sure they are fully protected now? My mother and stepfather, both in their 70's and married for over 25 years, are have been arguing on and off over the past year of what share of the house they live in they respectively own. Are you sure this a road you want to go down?

You could look into registering the property as tenants in common instead of joint tenants. Then you would own different shares of the property. Perhaps you could get a repayment agreement in place. I would suggest that whatever option(s) you choose would need a solicitor's involvement to ensure it is correctly executed and legally recognised.