Divorce and Separation

Divorce and Mortgage Advice in Manchester

Remortgage Advice in Manchester

Divorce and Mortgage-Related Advice in Manchester

What happens to your Mortgage when you are going through a divorce or separating?

We know how hard it is when you are going through a divorce or separation with a partner, so we would love to try and help you through it. When you have made joint financial commitments, trying to reverse everything may not run as smoothly as you would hope.

Here are three main questions that people ask for help with on Divorce and Separation on a regular basis:

1.         How do I remove my ex-husband/wife from my mortgage?

2.         How do I remove my name from my ex-partner’s mortgage?

3.        Can I have two mortgages?

Advice from your Expert Mortgage Advisors in Manchester

How do I remove my ex-husband/wife from my mortgage?

Separation with a partner is never planned when you buy your first new home together as a First Time Buyer, but it is a massive financial commitment and making changes cannot always be easy.

In most cases that we manage, if there are children involved, the mother remains living within the property. Either way, if it’s mum or dad, they may want to take over the mortgage in their own right, which is not always straightforward.

The fact that you may be able to demonstrate you have been paying the mortgage without any help from your ex-does not change the fact that at the point of application you bought the property jointly or, in other words, in the event of mortgage arrears there are two people the Lender is allowed to pursue. Before removing a party from a mortgage the Lender has to be sure that the remaining applicant has the means to be able to afford the mortgage on their own going forward and this means a full assessment of income regardless of whether you have kept up mortgage payments in the past or not.

If you are lucky, there may be someone to step in and help you get through the payments, this could be a family member or a new partner. There are a lot of Mortgage Lenders and they assess your ability to afford a mortgage in different ways, so if you get declined by your existing lender, don’t give up as they may still be able to help you.

How do I remove my name from my ex-partner’s mortgage?

Your joint financial agreements will still stay the same with your ex-partner, even if you have moved out of the house. This agreement still stands even if your ex-partner has said that they will take care of all the payments.

The mortgage payment for your old property will be taken into consideration when you are looking to buy another property in the future, so you must, in these circumstances, take Mortgage Advice in Manchester before making your first offer.

You will find that some lenders are more generous than other when lending money, so here at our Mortgage Brokers in Manchester, we will take this into account when recommending you the most suitable lender to apply for a Mortgage Agreement principle with.

Can I have two mortgages?

If you meet the correct requirements, there is a possibility that you can have two mortgages. Lenders and their credit scoring system will take many factors into consideration before they can offer you a mortgage deal. On-going financial responsibilities are just one factor they look at, they need to check with any external credit commitments you have and consider the current mortgage payment you share with your ex-partner to find out the maximum amount you can borrow.

We would love to help you as we understand how difficult it can be to move on from your previous financial commitments. As far as Lenders are concerned, it’s all about risk; they want to avoid repossession situations at all cost.

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