NOW LIVE: The Forum 'Ask An Expert' event. The theme is ENERGY. Please post your questions on bills, switches, alternative fuels etc. Our expert MSE Andrew will answer as many as possible

Joint mortgage overpayments - when only one can overpay

Hi there
I have a joint mortgage of £240k-ish
My partner is selling a second property and expects around £100k back in equity.

It seems to make sense for her to pay off her share of the joint mortgage at the end of the term (next year) and for me to pay my half over time.

This would effectively mean, she has say 70% of the equity, but over time that would eventually be 50% when I have paid off my share.

Any ideas how to get any legal protection on the equity split, in case of a relationship breakdown at any point before it reaches 50%?

Eg how could she make sure she would get her 70%

Thanks

Comments

  • CSI_Yorkshire
    CSI_Yorkshire Forumite Posts: 1,792
    1,000 Posts Photogenic Name Dropper
    Forumite
    Deed of trust.

    Declare whatever split you want, changing however you want 
  • bryanb
    bryanb Forumite Posts: 4,953
    Part of the Furniture 1,000 Posts Combo Breaker
    Forumite
    There are no shares on a joint mortgage. You are both equally liable for 100% of the payments
    This is an open forum, anyone can post and I just did !
  • CSI_Yorkshire
    CSI_Yorkshire Forumite Posts: 1,792
    1,000 Posts Photogenic Name Dropper
    Forumite
    bryanb said:
    There are no shares on a joint mortgage. You are both equally liable for 100% of the payments
    There are no shares of the mortgage - that's just something being described for convenience - but of course there can be shares of the equity, which is what the OP asked about.
Meet your Ambassadors

Categories

  • All Categories
  • 338.8K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.6K Spending & Discounts
  • 230.7K Work, Benefits & Business
  • 600.8K Mortgages, Homes & Bills
  • 171K Life & Family
  • 244K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards