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Original poster

Mortgage Interest shared cost or not?

26 replies

HelloWorld777 · 18/05/2021 17:02

Hi Dear Mums

I own the flat my DH and I live in. We both have good jobs but I earn more than he does. We discussed before moving in together that he should pay half the costs of the running of the flat and agreed.

My DH agrees to paying half the utilities etc but refuses to pay the half the interest cost on the mortgage. Now I'm an accountant and I know that the interest (not the mortgage repayment) is the cost of maintaining the mortgage which basically pays for the cost of the space in the flat and so should be a shared cost, but he refuses to acknowledge this and just says that because I own the flat I should pay for the interest solely. Would really like to know what everyone else thinks?

Thank you mums! :)

OP posts:
DonGray · 18/05/2021 17:04

Is he paying you rent?

dementedpixie · 18/05/2021 17:06

If you earn more why would he pay 50/50?
Are you actually married?
Our money all goes in one account and everything is paid from there

Original poster
HelloWorld777 · 18/05/2021 17:08

So what I do, is I pay for everything as nearly everything is in my name and then I look to recharge him based on the costs I have paid. Mortgage interest is what I pay in full but he refuses to accept recharging him half. (And what I ask to recharge him excludes any payments I make to repay the actual mortgage, it is just the interest)

OP posts:
BaronessBomburst · 18/05/2021 17:09

Interesting posting style.
Very similar to this thread:
www.mumsnet.com/Talk/property/4248366-Should-I-pay-my-husband-rent

trevorandsimon · 18/05/2021 17:10

Did you not discuss this before you got married and started living together? Does he pay anything for living costs? Do you and he realise if you stay married for a while and then divorce the flat will be half his anyway.

Original poster
HelloWorld777 · 18/05/2021 17:12

@dementedpixie

If you earn more why would he pay 50/50? Are you actually married? Our money all goes in one account and everything is paid from there
We keep our finances separate and we agreed to a 50/50 split of costs before we moved in together. This way our savings are not diluted and any additional personal spend comes from our own savings.
OP posts:
Ohsugarhoneyicetea · 18/05/2021 17:17

As you are married, the flat is half his, and therefore he should be paying half of the mortgage repayment and the interest.

Palavah · 18/05/2021 17:19

I'm wondering why you got married.

UCOinanOCG · 18/05/2021 17:24

This is exactly like the other thread. I reported the other one but it is still there. I am not sure if @MNHQ are doing anything about either of them.

Original poster
HelloWorld777 · 18/05/2021 17:25

@Ohsugarhoneyicetea

As you are married, the flat is half his, and therefore he should be paying half of the mortgage repayment and the interest.
True, but when we got married we both had an agreement that what we owned prior to getting married would remain our own. The flat I have has money given to me by my parents so we agreed that anything we bought together going forward would be jointly owned. But you are right legally, my DH has a right to share in my flat.
OP posts:
SpindleWhorl · 18/05/2021 17:26

Who's paying for the sofa this time?

BillyTodd · 18/05/2021 17:29

@SpindleWhorl

Who's paying for the sofa this time?
Grin
Ohsugarhoneyicetea · 18/05/2021 17:32

So you have a DH who is already demonstrating he is mean with money, and you think he's going to stick to your agreement that he wont take what he is lawfully entitled to if you split? Only you know your situation but seems optimistic to me.

Original poster
HelloWorld777 · 18/05/2021 17:34

[quote BaronessBomburst]Interesting posting style.
Very similar to this thread:
www.mumsnet.com/Talk/property/4248366-Should-I-pay-my-husband-rent[/quote]
I know my question is similar to this one, but rather than paying attention to this, it would be great to hear opinions based on what I have asked. We all know there are two sides to every story!

OP posts:
Igmum · 18/05/2021 17:59

If finances are split charge him rent. Work out an amount by which you both gain. I can see why he wouldn't want to pay towards someone else's mortgage (though agree it's probably shared) but it isn't fair to you if he pays nothing so rent it is.

AfternoonToffee · 18/05/2021 18:25

I got very lost at half the mortgage interest covering the space in the flat.

BaronessBomburst · 18/05/2021 18:27

Alternatively, as it's an anonymous forum, you could just ask straight up what you want to know as opposed to dicking around with made-up stories and half truths wasting people's time.
But for what it's worth, this issue is for you to sort out between yourselves and decide what's fair. And if you can't manage that I'd say that the marriage is doomed.
Your other thread is beyond ridiculous and that kind of behaviour is financial abuse.

Original poster
HelloWorld777 · 18/05/2021 19:21

@AfternoonToffee

I got very lost at half the mortgage interest covering the space in the flat.
Let’s say you want to buy a property for £100K. So you go to the bank and borrow said £100K and they charge you 2% interest. Every year, you’d pay £2K in interest. If say you then wanted to rent it out, you would want to charge more than £2K, lets say £4K. So £4K as a rentor is the cost of living in the flat. As an owner the cost to live in the flat for the year is £2K, the reason for the difference is because the owner has taken the risk to own the flat and be subject to the property’s price fluctuation.

Now applied to my scenario is that I have a mortgage of £50K (ie less than the value of the property) and so I pay £1K of interest and I’m asking if it is fair for me to expect my DH to pay £500?

NB: the numbers used above are simply illustrative of the concept

OP posts:
Original poster
HelloWorld777 · 18/05/2021 20:18

@BaronessBomburst

Alternatively, as it's an anonymous forum, you could just ask straight up what you want to know as opposed to dicking around with made-up stories and half truths wasting people's time. But for what it's worth, this issue is for you to sort out between yourselves and decide what's fair. And if you can't manage that I'd say that the marriage is doomed. Your other thread is beyond ridiculous and that kind of behaviour is financial abuse.
The other post is not from me. I just copied and pasted the intro and end bit as I read the article and was intrigued about my similar situation.
OP posts:
PassMeTheWotsits · 18/05/2021 21:09

Why would you copy and paste someone else’s greeting and end? What’s wrong with, Hi and thanks?

Original poster
HelloWorld777 · 18/05/2021 21:24

@PassMeTheWotsits

Why would you copy and paste someone else’s greeting and end? What’s wrong with, Hi and thanks?
Laziness, copy and paste is a reflex action for me. Do it on daily basis for work.
OP posts:
Starlightstarbright1 · 18/05/2021 21:35

In all honesty i have no idea why anyone would get married if they are not financially combined. Legally you are already.

Original poster
HelloWorld777 · 18/05/2021 21:43

@Starlightstarbright1

In all honesty i have no idea why anyone would get married if they are not financially combined. Legally you are already.
For us, we were in agreement that previous wealth generation should be kept separate. For instance, if Bill Gates finds himself a new wife, should that wife be entitled to half his wealth. Imo, it's a no and my DH agreed.
OP posts:
Original poster
HelloWorld777 · 18/05/2021 22:15

Also, just to add to this. We are in agreement that any wealth created as a result of us being married should be shared equally, eg buying a rental property together or investing into a business together, it's just legacy wealth that should be kept separate.

OP posts:
Mia85 · 18/05/2021 22:28

@Ohsugarhoneyicetea

As you are married, the flat is half his, and therefore he should be paying half of the mortgage repayment and the interest.
Please can people stop saying this on these threads. Marriage does nothing at all to ownership of property. It DOES create a right to live in your spouse’s property and the potential for the property to be ‘in the pot’ for division if you divorce. It DOES NOT automatically make you owner of half your spouse’s home.