Uneven House Deposits. How to calculate payments?
Hi everyone, I hope you can help. I’ll try to give you as much information as I can but I don’t know what’s relevant and what isn’t!
Me and my partner generally separate our finances and are very happy doing so.
We have wills leaving everything to each other. We have been together for many years and have 2 young children.
We have recently bought a new house with uneven deposits.
Not including interest I have £102,500 left to pay on the mortgage and my partner has £52,500.
Mortgage payments are around £800 per month which for convenience we are splitting down the middle (at least for the moment).
I plan to aggressively overpay initially in order to pay the mortgage off early (currently we have a 25yr mortgage) and catch her up as much as I can.
If required I am happy to make mortgage payments on my own for years after she has paid her end off.
I can afford the £800 per month on my own.
My overpayments will vary month to month.
Long term, I obviously do not wish her to pay more than her fair share of the mortgage or interest owed.
How exactly and when do we calculate this?
Is it something that we should do month-to-month, or at the end of the two years when we need to remortgage?
Any help or advice greatly appreciated!