I am putting down a substantial deposit and he is taking out a mortgage,but we can’t agree on how to calculate what percentage of the property we will both own
Q My boyfriend and I are going to buy a flat together. The purchase price of the flat is £360000. I’m going to contribute a large deposit of £200000 and my boyfriend is going to put in £30000 in cash for all the buying costs including stamp duty, solicitor fees, and furniture and so on,and is going to take out a £160000 mortgage on his own.
I deem I should own 51.3% of the flat – 200 divided by (200+160+30) times 100. However, my boyfriend disagrees and has suggested that we should take the interest he will pay on his mortgage (around £80000 in total) into account. Which means after he finished paying his mortgage, or he will own a bigger percentage than me. [br]Continue reading...
Source: theguardian.com