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Mortgage

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Readandcook Fri 28-Feb-25 21:26:21

Need advice!
My husband and I have both got rental properties which we rent out!
Difference being that I have no mortgage whereas DH has still 70k mortgage.
I am 61 and he is 66. He retired 18 months ago but has a part time job & deuces state pension. He paid rent for 6 years before buying his place hence still having a mortgage. His tenant pays £800 rental but DH still had to find £500 each month to cover the mortgage. I did not know him then as we only met in 2021.
The house we live in I was able to buy outright due to inheritance. We split the bills in half but the majority of the furniture in the house I have paid for plus a 4k log burner too.
I am also going to be having 200k in April due to family house sales and am considering selling my rental - approx 350k.
He says he would like to keep his house for his children to inherit.
I have 2 children 29 & 31 who I would like to help- paying their uni loans off etc. Plus I have a new grandchild too.
DH has 3 children in their 30s.
He has hinted that it would be great if I paid off his mortgage but I feel that I would in theory just be giving his children 20k each!!
This probably sounds really bad but I worked hard to be mortgage free 6 years ago and even tho we are married I should not be responsible for clearing his debt.
I hope this makes sense…

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Barleyfields Fri 28-Feb-25 22:18:09

I certainly wouldn’t pay off his mortgage. That’s his problem to sort out. It’s not your responsibility. If he wants to keep his house to leave to his children fine, but I trust not at your expense. Use your money to help your children as you want to do and for heaven’s sake make sure you have made a will so that they can inherit from you.

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Readandcook Fri 28-Feb-25 22:31:47

Thank you! Our marriage is good but this I do feel strongly about.
He seems to think it’s no big deal in paying off his mortgage when I have assets.
But my parents and I have worked hard to achieve what we have and obviously I would rather be helping my children than his!
An updated will is something I am going to do asap.

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Spinnaker Fri 28-Feb-25 22:32:21

Barleyfields

I certainly wouldn’t pay off his mortgage. That’s his problem to sort out. It’s not your responsibility. If he wants to keep his house to leave to his children fine, but I trust not at your expense. Use your money to help your children as you want to do and for heaven’s sake make sure you have made a will so that they can inherit from you.

Exactly what Barleyfields says

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Barleyfields Fri 28-Feb-25 22:40:33

Please don’t put off updating your will. If you made it before you married, unless it states that you are making it in anticipation of marriage it is no longer valid so if you died tomorrow (I sincerely hope you don’t!) you would die intestate and your husband would inherit all your personal belongings, £322k and half the remainder of your estate. Your children would have the other half. I suspect that is not what you would want. People often put off anything will-related. You have good reason not to be one of them.

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