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Original poster

Paying off 'my half' of the mortgage?

74 replies

Financiallyopposite · 01/10/2023 09:49

I live with my partner of 8 years and our two DC. We keep separate finances which bothers me tremendously as I don't feel we're a unit, but on the other hand it might be a blessing because imho he's terrible with money, saving, planning for the future etc.
I'm the lower earner but I have more of a handle on things, save for upcoming expenses, long term savings etc.
I loosely follow the Dave Ramsey method and it's really helping me get back on track (my money situation wasn't great after having to eat through my savings self funding 2 mat leaves and working PT whilst looking after young children). One of the steps is paying off the mortgage which I'd like to aim to do. This would take me a long time of course, but I'm just wondering the best way to go about it when I'd only be paying off 'my half'. My plan is to squirrel the money away until I have the lump sum years down the road. Thinking ahead obviously, would I then have to see a solicitor to have something drawn up to say my half is fully paid?
Many thanks.

OP posts:

Waspie · 02/10/2023 09:54

Some people are very confused about the difference between how you own a property, i.e. tenants in kind or tenants in common, and the mortgage on a property.

The mortgage must cover the entire property. No bank or building society would consider mortgaging half a property.

My partner and I own our property as tenants in kind with unequal shares (70% me, 30% him) to reflect our financial input. However we have one mortgage between us for the entire property. This is a joint and several liability on us both. The mortgage company couldn't give a hoot who has paid what against the mortgage.

UndercoverCop · 02/10/2023 09:56

Surely the only way to do this would be to wait until the end of a mortgage fixed term you pay your half and then he gets a new mortgage by himself for the remainder of his half, you would also need a deed of trust

PaminaMozart · 02/10/2023 09:59

I understand that the OP isn't married, so pension sharing does not apply.

If a couple are married, yes, all assets are taken into consideration in a financial settlement on divorce, but it's rarely as clear cut as 50:50.

Ariela · 02/10/2023 10:07

As you're not married, what's yours is yours unless it's shared. Should you pay down the mortgage, you will lose he will gain, as he still owns 50% share.

I agree with everyone else. Look carefully for savings I think I saw that NS&I have 6.2% which could be higher than your actual mortgage rate if you are still on a fix of some sort. You can save in an ISA to benefit from tax, but once you've built a comfortable nest egg your best bet after that would be to simply up the amount you pay into pension for your future.
I would recommend see an IFA and suss out what's best for you all round.

Cyantist · 02/10/2023 10:14

If you reduced the term of the mortgage so payments increase, would he be able to meet half of those increased payments?

Toooldtoworry · 02/10/2023 10:39

UndercoverCop · 02/10/2023 09:56

Do not do this. Most lenders require you to be on the mortgage to be on the deeds.

Newestname002 · 02/10/2023 12:47

CurlyhairedAssassin · 01/10/2023 09:58

And the fact that you r self funded 2 Mat leaves for HIS children is appalling.

Yes that stood out for me too.

OP as far as your financial commitment in this relationship is concerned, I'd advise you to speak privately (just you) to an independent financial advisor to clarify what your financial exposure is now and likely to be in the future, especially as there are children involved.

I'm assuming also that you are named on the house deeds as a Co-owner on the Land Register (check online if you're unsure) as well as the mortgage debt with your Lender. 🌹

JudgeRudy · 02/10/2023 20:08

Toooldtoworry · 02/10/2023 07:35

Previous mortgage adviser, current financial adviser.

Any joint mortgage you are jointly and severally liable. So, if you paid a lump sum equivalent to 50% of the mortgage and then the other party to the mortgage stops paying you are responsible to make the payments.

Tenants in Common is how you own the legal title to the property. So upon separation or death it is set out what percentage of the property you owned.

Show quote history

Yes, that's what I suggested. A split of the home and a mortgage each on their own share.

Toooldtoworry · 02/10/2023 20:29

JudgeRudy · 02/10/2023 20:08

Yes, that's what I suggested. A split of the home and a mortgage each on their own share.

Show quote history

You can't mortgage 'your own share'.

EyesOnThePies · 02/10/2023 21:49

@JudgeRudy If you find a mortgage co that will offer such a mortgage, in the UK, please link.

The equity in a property can be owned discretely in a specified %, deposit named and protected etc, in a Deed drawn up with the solicitor but this is totally different from the contract with the mortgage provider.

JudgeRudy · 02/10/2023 22:52

Well you could because I did! I had a half share of a house. We each had a separate mortgage for our half. Mine was slightly less as I was 2 years younger, female and a non smoker. It's paid off now but I'm going to see if I can find any paperwork.

JudgeRudy · 02/10/2023 22:58

Waspie · 02/10/2023 09:54

Some people are very confused about the difference between how you own a property, i.e. tenants in kind or tenants in common, and the mortgage on a property.

The mortgage must cover the entire property. No bank or building society would consider mortgaging half a property.

What did I have then? My ex and I were tenants in common (50/50) and each had a separate mortgage. Most definitely separate.

Toooldtoworry · 03/10/2023 03:11

JudgeRudy · 02/10/2023 22:52

I've worked in this industry for 23 years. I have never known a lender allow 2 mortgages on one property in 2 separate names and neither have I seen a further advance in different names to the original mortgage. It has always been one mortgage owing jointly and severally.

babyproblems · 03/10/2023 03:16

CurlyhairedAssassin · 01/10/2023 09:58

And the fact that you r self funded 2 Mat leaves for HIS children is appalling.

This. I couldn’t live like this I’d just feel completely used. I get he’s shit with money but your situation wouldn’t sit comfortably with me.. I have a suspicion you’re in a vulnerable position to financial abuse if you were married but my gut says your set up not being married is not fair at all.. As others have said I would definitely keep a big emergency fund xx

OlizraWiteomQua · 03/10/2023 05:21

Paying off "your half" without a legal instrument will effectively just give him extra in the event of a split.

Save up a significant lump sum and then either see if he can pay in the same amount so it stays 50:50, or calculate a new split and get it written into the deeds that it is now 75:25 or whatever

It's not possible to have a house where 50% is owned outright/paid off by one of the people and the other 50% is owned with a mortgage by the other person. The debt to the bank doesn't work like that.

EyesOnThePies · 03/10/2023 11:21

JudgeRudy · 02/10/2023 22:52

Did you each have a separate endowment policy which you used to pay off the (joint) mortgage when it matured?

BarelyCoping123 · 03/10/2023 11:35

after having to eat through my savings self funding 2 mat leaves and working PT whilst looking after young children

You are being financially abused by your partner OP. He earns more than you, but made you use your savings to "self fund" your 2 mat leaves when you gave birth to SHARED babies; and to compensate for working PT because you were looking after your SHARED young children? To me he is scum, he is treating you like dirt on his shoe.

Densol57 · 03/10/2023 17:08

I self funded my maternity leave too. I had to use my savings to pay my “share” of the bills whilst I was not earning much. I never forgave him for that. I left the bastard quite soon after. He was a very mean man.

As suggested OP. Pay money into your own pension and savings. Dont give him the benefit of paying down the mortgage as it will only reduce your JOINT mortgage and he will benefit.

JudgeRudy · 03/10/2023 17:40

EyesOnThePies · 03/10/2023 11:21

Did you each have a separate endowment policy which you used to pay off the (joint) mortgage when it matured?

Show quote history

Yes, mine was slightly cheaper as I am a younger female non smoker.

CrabbiesGingerBeer · 03/10/2023 19:42

JudgeRudy · 03/10/2023 17:40

Yes, mine was slightly cheaper as I am a younger female non smoker.

Show quote history

That’s one mortgage but two instruments to pay it off. If the other home owner’s endowment hadn’t covered his/her share, you would have been equally liable to pay.

junebirthdaygirl · 03/10/2023 21:12

I hope he is paying half of child care expenses and that you are not paying all that too.

EyesOnThePies · 04/10/2023 00:03

JudgeRudy · 03/10/2023 17:40

Yes, mine was slightly cheaper as I am a younger female non smoker.

Show quote history

So not actually two separate individual mortgages on the one property.

Unexpectedlysinglemum · 04/10/2023 00:56

Financiallyopposite · 01/10/2023 09:55

I'm sorry I should have said, we're Tennant's in common and each have an equal share. Put in 50% deposit each, pay 50% of the mortgage each each month.

But do you have a deed of trust that reflects mortgage contributions? Otherwise even if you pay off half of it you'll still be obliged to pay back the remaining loan the bank will have you both on their mortgage doc

everetting · 04/10/2023 01:02

He has financially abused you. I would invest in building up your career so you are earning more. Whether retraining or seeking promotion. And get him to pay half of any childcare. If he refuses, you may find you would be better off financially without him.
I doubt he would have the children half the time as it would cost him too much.

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