Posted on 6 April 2010 by Sydney
My partner and I are buying a £285000 property. He is paying for the 15% deposit and all the fees. In total about £55000. But we will pay half the mortgage each. As we are about to sign a "tenant in common agreement", my partner suggest this share: 70/30 if we split. As I will pay half the mortgage I think more of a 50/50 split and me giving him back his original £42700 + fees cost. Is it not more fair for me?
A 50/50 split would in deed be fairer to you than 70/30, but I do not think it reflects the risk your partner is taking by investing £55,000 of his own money in the purchase. Remember that the values can go down as well as up.
I do not think it is for me to decide the precise split and if you are in any doubt, I recommend that you seek independent legal advice about your position and how best to protect your interests.
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