Share of mortgage for divorce

Rebecca-bear

Hello,

I’m hoping someone may be able to help me with a question about my share of the mortgage.

Me and my ex husband are about to apply for a financial order to split up the house and hopefully result in me buying him out.  The mortgage was a complete 50/50 share until January 2022, when our relationship ended, from that date onwards I have paid the mortgage myself. I guess it won’t be a lot more but can someone pls advise how I go about calculating that?!.

There is £173,000 left to pay on the mortgage and the house put on the open market would be £300,000.

Thanks 😊 

pjs493

This is something to negotiate with your solicitors as he could claim it continues to be a marital asset regardless of who contributes to the mortgage and who has lived in the house and when. Unless you have a written agreement in place, he’s well within his rights to have it split right down the middle. If things are amicable with your husband, try getting something in writing, if not this is a discussion to have via your solicitors. They will be best positioned to advice as they will know all of your financial background, length of marriage, if you have children and what custody arrangements will be, etc. 

ian1246

I m guessing he moved out & had his own housing costs from January 2022? If so, you've drawn the benefit of the house solely since then so he would be well within his right to argue 50/50.

However, if you do want to contest this, working out the payment each month for the interest on your mortgage will be comparatively simple- equity outstanding in Janiary 2022 x your interest rate = yearly interest / 12 = monthly interest.

You then deduct the monthly interest from your monthly mortgage payment = the amount of equity paid off & therefore capital built up solely by yourself for that month.

If you do this on excel, you'll easily be able to work out how much capital you solely have paid off since January 2022 for each month - then add them together up until now = capital accumulated solely by you.

Suggest then its a simple case of £300,000 - £173,000 = £127,000 equity minus "your" capital paid off since January 2022 = the amount of capital you' both accumulated ip until the split & divide that by 2 = how much capital he is entitled to.