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Topic - Financial Advice Required

Steve2013 - on 09 Jan 2013

I'm posting under a different username as I'd like to remain anonymous with this one, for several reasons.

In a few months time, it's very likely that I will be coming into a reasonable amount of money. The company I work for is being sold and I have a minority shareholding (there's only two shareholders, but about ten staff). I stand to receive between about 150-200k, depending on the finalised purchase agreement.

This is a large amount of money for me. My parents never had this kind of cash and although I earn a decent living now, this is quite a big thing for me. I'm still in my twenties.

I want to pay my mortgage off with the sale proceeds. This amounts to about 120k. The rest will be saved.

I'm not married but I live with my long-term partner (no immediate plans for marriage). The mortgage is in both our names. I have told a few close friends about this and they have all said I should be very careful about paying off the mortgage at it would mean that my partner would have rights to half of the house should things go sour between us. There's about 35k capital in the house already (I stumped up all of the 30k deposit). This would mean that the house will have been paid off in its entirety by me, give or take a few thousand pounds that my partner has contributed over the past year or so.

Am I being naive in just happily paying off the mortgage with the sale proceeds? It never entered my mind that I could be 'ripped off' in the future if we separate. I was more than happy to stump up the deposit as I earn considerably more than my partner and I had more savings at the time. Is the complete repayment of the mortgage a step too far? If so, what are my options?

Thank you.
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