Financial help please

[littlematchstickgirl]

Going for 50/50 split with husband. If our property is worth, for example £450k - half each is £225k.

My parents gave me some inheritance money, which we used for the house, let's say £50k - that is my money for the future, he has agreed. He will get his from his parents in due course.

I need to remortgage to buy him out of the house.

Which way is correct to split money?

Scenario1:
£450k - £50k = £400k. Gives us £200k each (I.e I remortgage to give him £200k to buy his house).

Scenario2:
£450k divided by 2 = £225k each
£225k - £50k = £175k I remortgage for to give him to buy a house.

Which is the correct way to do things please?
Thank you in advance for any advice!

Scenario 1
Is there any outstanding mortgage as well ?

Oh and in scenario 1 you get 200+ 50
He gets 200

Thank you for your advice, I wasn't sure which scenario was correct!

Yes - we have savings which we can pay into the mortgage and that will leave us with about 10k on the current mortgage.

We would have to split that somehow and then i remortgage for half the value (minus inheritance), so he has that for his new place.

We have a really good lifetime mortgage at present, so I need to talk to them to see if I can somehow continue it in some way.

Scenario 1 is definitely correct.

In the second one, once you have halved the value, he shouldn't have to give you the full 50k from his half, only his share of it which is 25k, so him getting 200k and you getting 250k is right. In the second example provided you would get 275k compared to his 175k which is wrong.