joint mortgage

[justinm]

If I get a joint mortgage that is 50:50, but later pay for an additional share, is an informal agreement, that would show this change, enough to protect me legally, in case of the partnership splitting or death of the other party?

[Didwot]

If you vary the terms upon which the property is owned you should make sure that this is agreed at the time with your co-owner, and properly documented. This is because, if you and they fall out, it may be necessary to prove what was agreed, and you can bet their recollection will be different from yours. Having it in writing puts it beyond doubt.

[verdant]

If I were you I would get a tenancy drawn up too (joint tenants or tenants in common, depending on what you think is best). This relates to ownership of the property, not the mortgage.

With mortgages, you are both joint and severally liable. So, if your partner dies the life insurance should pay out, but if they split, you will be left liable for the entire mortgage.