Hello,
I'm just about to buy my first house with my partner. We are planning to pay the mortgage equally but we are contributing different amounts to the deposit. I'm really struggling to work out what that means for the percentage that we each own!
The house is £157,000
We are paying a deposit of 20% which is £31,400
We will have a mortgage of £125,600
I am paying £26,400 of the deposit. My partner is paying £5,000.
I initially worked out that we would own something in the region of 57% and 43% but when I tried some possible scenarios where we sold the house it didn't seem to work. E.g. If we sold the house in one year for the same amount of money and had paid back themortgage, then 57% of what was left would not be as much as I paid on the deposit and my partner would get more than he paid. :think::think:
This is really confusing me... Can anyone help?
Thanks!
I'm just about to buy my first house with my partner. We are planning to pay the mortgage equally but we are contributing different amounts to the deposit. I'm really struggling to work out what that means for the percentage that we each own!
The house is £157,000
We are paying a deposit of 20% which is £31,400
We will have a mortgage of £125,600
I am paying £26,400 of the deposit. My partner is paying £5,000.
I initially worked out that we would own something in the region of 57% and 43% but when I tried some possible scenarios where we sold the house it didn't seem to work. E.g. If we sold the house in one year for the same amount of money and had paid back themortgage, then 57% of what was left would not be as much as I paid on the deposit and my partner would get more than he paid. :think::think:
This is really confusing me... Can anyone help?
Thanks!