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Definitely not that simple. If you're retrospectively changing the split you can calculate 5% of the deposit and payments made so far then pay that to the person giving up 5% plus 5% of any increase in property value.
If you chose to use that to reduce the mortgage then you will need to add the equivalent from the larger shareholder to re-balance the reduction. I.e. £40k + £60k = £100k to be payed by the larger shareholder to rebalance the mortgage.
Airhead
Yes, the question was more about the numbers. We will amend the terms with a deed of variation and use a solicitor or whatever we need to make it all kosher.