It’s never planned and it’s always devastating when it happens, however, when it comes to divorce or separation, there are a lot of legal and financial matters that will you’ll need to resolve before you go your separate ways. Unfortunately, things don’t always go as smoothly as anticipated and that’s why it’s better to know what’s to come rather than be unprepared.
Your Specialist Mortgage Broker in London has put together a list of the three most common questions that we get from customers going through a divorce or separation and need our help. We hope that this puts you at ease knowing that you aren’t the only one who has searched for advice in these hard times.
Buying a home together is a huge financial commitment, so as you can imagine, getting a name removed from a mortgage is not always easy. In fact, making any sort of changes to your mortgage can be hard unless you’re coming to the end of your mortgage term.
If there are children involved, things can get a little more complicated. In most cases, we see that the mum stays in the property, but either way, it may come down to whoever is “in situ” takes on the responsibility of the mortgage.
When you are trying to remove an ex-partner’s name from a mortgage, you’ll need to supply evidence that you’re going to be able to meet your mortgage payments on your own. Lenders will study your salary and your disposable income and then work out whether or not it’s realistic that you’ll be able to hold your own weight.
Your lender will also measure your ex-partner’s affordability and check whether they will be able to afford a mortgage on their own going forward. They will perform a full affordability assignment on both you regardless of whether you have kept up-to-date with your mortgage payments in the past or not.
You must know that since you joint bought the property with your ex-partner, your lender can pursue either of you in the event of mortgage arrears.
If you want to remove your name from a mortgage it’s a similar process to how you remove your ex-partner’s name. Although, in this situation, you are the one that is trying to vacate the property and move on which can sometimes cause some difficulties.
This may cause difficulties as you will need consent off your partner that you can take your name off the mortgage. Your lender will also perform a full affordability check on your ex-partner to check whether they’ll be able to afford their mortgage payments or not.
If you are given consent to remove your name off the mortgage and your partner is able to afford the mortgage payments on their own, it’s in no doubt that you’ll eventually start looking for your own place. If or when you do, you should know that your lender will take the mortgage payments from your old property into consideration. Some lenders will be generous, some will be strict. Finding the most suitable lender for you can be hard and that’s why we recommend in getting Specialist Mortgage Advice in London, especially when going through a divorce or separation.
In some scenarios, there may be someone there to offer a helping hand with the mortgage payments. More often than not, family members may help out or in other cases, there may be a new partner that is willing to step in.
If this is not your situation and you are planning to pay for your mortgage payments by yourself, don’t be ashamed of getting advice from an expert! Our Mortgage Advisors in London are experienced in this specialist field and know exactly how to help. Getting help with your finances or with removing your/ex-partner’s name off a mortgage could take a heap of the stress of your back. We want the best for you at the end of the day.
Yes, in fact, you can own multiple mortgages, however, before getting accepted for another mortgage, your lender will take a look at many different factors. When they are checking your file, they will be able to see that you are still linked to another mortgage.
They will check how much you are contributing to these mortgage payments and check whether or not you’ll be able to manage additional mortgage payments on top of them. Lenders will also factor in any other credit commitments that you have.
Lenders will also account for the risk factor, for example, how likely is it that your home is repossessed because you couldn’t afford your mortgage payments. They won’t take any risks either.
If you’d rather get an affordability check before you directly approach a mortgage lender, you can approach a Mortgage Broker in London like us. We will perform our own credit check and affordability measures to find out whether it’s realistic that you’ll be able to afford another mortgage.
We have Mortgage Advisors in London that specialise in this field, so don’t hesitate to get in touch with us. We are more than happy to help.
Date Last Edited: January 19, 2023