Mortgage advice

[tartantomatoes]

Hi, hopefully someone can help me understand this, my partner & I bought a house together two years ago he paid for the majority, I put down 100k for the deposit. Long story short we've experienced problems through the pandemic, arguing etc. We talked about splitting & selling the house. The agreement was I'd get my 100k back. However our fixed term mortgage is due to be renewed by 1st August 2021. I saw a letter from the mortgage people saying thank you for renewing for 22 years.

My question is would you renew your mortgage if you were planning on selling before August?

All advice would be great x

No! It is not!!
I would contact them immediately

Separately I would not necessarily accept 100k back you may be entitled to more.

Our house was bought a similar amount of time ago and is worth at least 100k more than the purchase price.

What was the agreement when you bought? Joint tenants? Tenants in common?
Are you named on the mortgage???

Ok, so first of all, how is the property held - joint tenants or tenants in common? It makes a difference to how the equity is split.
How much was the house and how much is it now worth?

Thank you for the questions & advice. I really appreciate it

You should probably get your £100k back and then some of the rise on top. After all, your partner wouldn't have been able to buy without your deposit so shouldn't benefit from all the rise.

Did you pay other household expenses like bills, food etc that your partner benefited from? If so, this should also be taken into account when working out who contributed what and how much you should get from the sale proceeds.

However our fixed term mortgage is due to be renewed by 1st August 2021. I saw a letter from the mortgage people saying thank you for renewing for 22 years

I don't understand what you mean by this. Assuming you're in the UK, mortgages aren't renewed for that length of time.

If you mean that your current fixed rate runs out on 1st August, then if you don't do anything, it will just roll over onto the standard variable rate. If you are looking at selling up, it will likely take until after 1st August to complete even if you found a buyer today.

So if you do decide to put the house on the market, do that, make it clear you can't complete until after 1st August so you're not liable for early repayment charges and just let your mortgage go onto the SVR. Plus have another think and get advice about what is a fair split of the proceeds, taking into account all your financial contributions into the relationship.