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Original poster

Mortgage dispute dp/me

399 replies

Haribogirl · 16/10/2015 11:37

Dp and I took bought property 13 years ago for £160.000
I put deposit down of 80.000 he got mortgage for his 80.000( with both names on it, as he would of been able to get this much on his own)

So 13 years on and he's had a brain wave, he now decided that because of the interested he's had to pay for getting the mortgage that he's actually paying more than me!!
My argument is he must of known that interest was added in the first place and it's not up to me to now start paying it.

He won't it so that
He as added his mortgage payments up for the last 13 years which amount to £79400.
So when he reaches 80k(same as I put in at beginning) he then wants me to start paying half the mortgage.
Also at the beginning in solicitors, solicitor advised me to make a deed of trust to guard my 80k in the event of anything happening in the future.

He doesn't agree with this now! As he realised that in event off I would get this and half the equity we make, he thinks all off a sudden I'm ripping him off.

This is only in the event off!! Which I have mentioned.

I feel I've just protected myself as advised, he now thinks I'm ripping him off

OP posts:
Zampa · 16/10/2015 11:44

Do you want the house to be considered owned 50/50? If so, I think your DP is correct and that you are ripping him off.

If your £80K deposit is protected, how is his contribution protected? I don't see the need for a deed of trust if he has paid the mortgage for 13 years and his contribution appears to now be equal.

Also, why should your DP pay more than the £80K you contributed? It would seem fair to both contribute the same amount and then share the remaining debt.

I appreciate that this is counter to what was originally agreed but people can change their minds, especially when they realise the original agreement was unfair.

ThisMorningWentBadly · 16/10/2015 11:47

You are right.

You both paid 80k. He paid his with a loan and therefore has to pay interest as well.

Twickerhun · 16/10/2015 11:47

Is he paying the mortgage by himself? Do you contribute to family life in other ways ie child care? These things are never as straightforward as they could be, so many variables.

CrapBag · 16/10/2015 11:50

I agree with Zampa.

Our mortgage is for 60k, over the actual term it will mean paying 97k which is loads more. Yours will be no different.

It sounds like you knew what you were doing, paying your 80k deposit knowing he would be paying far more than 80k over the actual mortgage term. Paying the deposit shouldn't mean he has to pay all of the mortgage plus interest, particularly when you would be entitled to 50% of any equity so you would get more than your original investment anyway.

YABVU.

JeffsanArsehole · 16/10/2015 11:53

His problem, he needed a loan.

Unless you decide to get married and pool everything with the expectation of being 'a whole family together'

Until then you need to protect yourself.

Tiggeryoubastard · 16/10/2015 11:54

He sounds a bit thick. Or he's looking to separate and is hoping you're thick enough to be ripped off.

sparechange · 16/10/2015 11:55

ThisMorning is correct
You've both put in the same amount, he has just got a cost of capital associated with his.

Presumably you've had no input into which mortgage product he chose, or the length of the mortgage? So it could have been paid off earlier if he paid slightly more each month, or could have cost less if you have been able to chose a different product with different terms?

Do you have any joint finances? Or is this a technical point and it is all coming out of the same pot?

DesertOrDessert · 16/10/2015 11:55

What about all that interest you haven't gained if you'd left your 80k in a bank account all those years? How much would that be worth now with compound interest?

It does sound like its in your favour if your 80k is protected, but not quite to the extent he is calculating. I'd probably say, after 13 yrs, its all family money, and source can't be determined??

Ruhrpott · 16/10/2015 11:57

You have lost out on all the interest you could have got in the £80000, so if you factor that into it you haven't ripped him off.

Duckdeamon · 16/10/2015 11:57

If in the event of a break up would the plan be to each have 50% of any equity increase?

Did you get the protection on your £80k? (your OP said it was recommended, but not that you'd got it in place).

It sounds like you could have afforded a place on your own but he couldn't and also wasn't eligible for an 80k mortgage without this being joint with you.

Babyroobs · 16/10/2015 11:57

Agree with Jeff, he neede the loan so should pay interest. if you had invested your £80k elsewhere you would have been earning interest on that money.

CrapBag · 16/10/2015 12:00

his problem he needed a loan. Fucking hell that's ridiculous. I'm assuming the OP couldn't have bought a nice home with 80k and she needed this loan too. Most people don't have 80k hanging around to put into a home so it's not exactly unreasonable for him to need a mortgage, you know, like the majority of the population.

The OPs name is on the mortgage so why the assumption that he chose the product and everything else? DH pays our mortgage. He had nothing to do with finding it and choosing it, he will have nothing to do with it when we have to remortgage. He just signs what he needs to and knows I will find the best I can get.

Duckdeamon · 16/10/2015 12:00

OP is on the mortgage too, but yes, her DP should have considered the Q of interest before now.

LittleLionMansMummy · 16/10/2015 12:01

Ask him to marry you and you'll go 50/50 on the mortgage payments. That'll teach him! Grin

cuntycowfacemonkey · 16/10/2015 12:01

It seems strange to me that this is an issue after 13 years. He knew what he was agreeing to so why wait all this time?

ChunkyPickle · 16/10/2015 12:05

If you had taken the mortgage as well, then your 80k could have gone in a bank account and been earning interest, so in actual fact, you have put 80k, plus whatever interest you would have earned into the house.

If you want this to feel fairer to you, do those sums, and then when his contribution meets the amount that you have paid (80k), plus the amount of interest you have lost on that money then you could start going 50/50 in the interest amount (not the capital repayment - since that's his original 80k owed)

Of course it's not as simple as that really, because if you hadn't had the 80k, you'd have been on a higher rate, and therefore he would have been paying more interest too. - but it's a good compromise

NameChange30 · 16/10/2015 12:06

Do you both work? Do you have children?

I think you should get legal advice.

Madblondedog · 16/10/2015 12:11

I am in the same situation, I am the one with the deposit. I sold my owned outright house to buy with dp. I agree that you have lost the interest on the 80k so can't be expected to pay more in. That's what we've agreed anyway

DiscoDiva70 · 16/10/2015 12:13

If you've protected your £80,000 then you can't lose whatever happens really can you?

If the house soars in value and you split. then you will get your 80k back plus a share in the equity, considering you are also on the mortgage.

If the house plummets in value for some reason, you still get your 80k back.

You should now start to contribute!

Zampa · 16/10/2015 12:15

I think that those referring to interest that could have been earnt elsewhere are missing the fact that houses have earnt far more for their owners than any high rate savings account could.

LittleRedSparke · 16/10/2015 12:21

and those who are missing the fact that the OP could have bought her own house for £80k and raked in a profit.

He is being VERY U - are you married? are you getting married?

You should sell up and then see what he is left with once your £80k (or percentage of equity depending on how you split it in the original agreement) and then start again

RB68 · 16/10/2015 12:24

ahh but you have lost interest for the same amount of time. The fact is you had cash to put in and he didn't - he then borrowed money from elsewhere to match that - that is his perogative but there is a cost to having 80k - either loss of interest (or benefit) elsewhere (for you) or having to pay it (him) so you are quits

Pranmasghost · 16/10/2015 12:27

YANBU at all your £80,000 would have made interest in effect if you had kept it. If he persists calculate what you would have got in a high interest savings account and then balance that against what he is paying.
Thank goodness for that deed of trust. Is your dp planning a change in your relationship do you think?

MovingOnUpMovingOnOut · 16/10/2015 12:28

Eh? So he needs to get finance to pay his share and that is now your problem? If it was not for the op's £80k and income on the mortgage he wouldn't have been able to buy the house a) at all and b) for the lower interest rate available to a 50% LTV.

As for what he's been paying, he has been paying the interest to the bank, not the op!

OP I think you should tell him that once he has repaid £80,000 of capital you will be happy to go halves on the remaining expense there will be zero then

NameChange30 · 16/10/2015 12:29

If the mortgage was in his name alone, I would say that he should pay it all (including the interest). But it's a joint mortgage so the OP is also responsible for the debt. If her DP ever stops paying it because he's no longer able or willing to, she would have to pay it. So I'm not sure whether she should contribute - I do think it partly depends on whether they both work, what they earn, and whether they have DC (the OP might have given up work or reduced her hours to look after them).

The reason I think you need legal advice is that I'm not sure how the money from the house would be split if you separated and had to sell it. To begin with, the OP paid £80k which was 50% of the value. So when it's sold, she should get 50% back. The question is, what happens to the other 50%? Will it all belong to the DP? Or will it be split 50-50 between them both? (in which case I understand why he might be worried)

Hopefully you don't intend to split up but it's worth checking what would happen just in case.

We don't know whether the OP would have been able to buy the house without her DP. She might have been. But we do know the DP couldn't have bought it without her - he didn't have any cash for a deposit and he couldn't get an £80k mortgage by himself. So she was in a much stronger financial position.

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