Joint account to pay mortgage

FluidDruid · 2025-03-08T07:58:51+00:00

I'm buying a house with my partner. We don't currently share finances. Does it make more sense to have a joint account for mortgage payments or just pay as individuals?

Hohofortherobbers · 08/03/2025 08:04

A joint account fir household expenses will be easier than splitters food, gas and water bill. Still keep your own account put a sum into the joint every month

Mumlaplomb · 08/03/2025 08:25

Do a budget of estimated expenditure for mortgage, insurance, bills, food and other outgoings and then set up a joint account and each put money in each month to cover your agreed share.

Girasoli · 08/03/2025 09:18

We are currently in the same situation - is it possible for one person to pay e.g. 1000 a month and another 700 a month or do you have to pay in one go?

Or we will get a joint account if we have to, just hoping to avoid another bit if admin!

Hohofortherobbers · 08/03/2025 10:06

Girasoli · 08/03/2025 09:18

We are currently in the same situation - is it possible for one person to pay e.g. 1000 a month and another 700 a month or do you have to pay in one go?

Or we will get a joint account if we have to, just hoping to avoid another bit if admin!

It will be a lot more admin to split every joint household expense that comes in daily

Girasoli · 08/03/2025 10:09

We personally don't/wouldn't - we are married and DH earns more than I do. I'd only contribute to the mortgage and DH would continue to pay our regular bills (I pay for kids extra curricular activities and family days out).

torqrench · 08/03/2025 10:37

I think having a joint account for all household expenses (mortgage, c.tax, insurance, bills, food, maintenance etc) and both paying in via standing order each month works well. Doesn't have to be same amount.

TheNoonBell · 08/03/2025 11:59

We've each paid 40% of our takehome pay into the joint account for over 20 years. Covers the mortgage and bills then some of what remains at the end of the year goes on a mortgage overpayment or nice holiday.

There's no argument as it is a percentage. We both save separately as well.

Original poster

FluidDruid · 08/03/2025 12:14

@Girasoli we've lived together for years and each look after specific bills, with me putting in appropriate amounts to his account at the start of the month. That works for us and not looking to change that. Like you, it's specifically about the mortgage payments - is it better to have a joint account and make one payment? We will be paying 50/50.

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WimbyAce · 08/03/2025 19:00

We have a joint account for bills. We both put a certain amount in, him more as I am part time. Rest of the money is for us to use as we see fit.

Parker231 · 08/03/2025 19:04

FluidDruid · 08/03/2025 12:14

@Girasoli we've lived together for years and each look after specific bills, with me putting in appropriate amounts to his account at the start of the month. That works for us and not looking to change that. Like you, it's specifically about the mortgage payments - is it better to have a joint account and make one payment? We will be paying 50/50.

If you’re each paying 50:50 - do you earn the same?

Worsthousebeststreet · 08/03/2025 19:29

FluidDruid · 08/03/2025 12:14

@Girasoli we've lived together for years and each look after specific bills, with me putting in appropriate amounts to his account at the start of the month. That works for us and not looking to change that. Like you, it's specifically about the mortgage payments - is it better to have a joint account and make one payment? We will be paying 50/50.

If that works for you then continue that way but pay him your share of the mortgage too and then he can pay the mortgage from his account. The mortgage payment doesn't have to come from an account in both of your names.

We do similar but in my name. I opened an account specifically for bills/expenses and we each pay into it each month like a kitty. All bills and the mortgage then come out of that.

Original poster

FluidDruid · 08/03/2025 20:04

@Parker231 we do as of this month - prior to this it was percentage based on our respective salaries as at one point he earned 3x my salary. I've since changed sector and then this year got a pay rise and now get bonuses so we are earning within a grand of each other.

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