Almost half of all marriages end in divorce and, while it’s one of the most stressful and heartbreaking times a couple could go through in life, there is more than just their marriage that is affected by it. It’s not a clear cut case that once you decide to leave your spouse, you walk out. Marriage legally binds you together, which means that if you have decided to get a mortgage together and purchase a home together, you need to work out how your mortgage is going to be affected by the dissolution of your marriage. You can use 1st Mortgage Services to work with you to find you a deal on a mortgage while you are in the process of splitting up.
You need calm and professional help at this time, and this is exactly what you will get. There is a ‘no judgement’ rule here at 1st Mortgage Services. We are here to support you through this difficult time and see you though to the ‘other side’, where life will hopefully be a little easier for you. In the meantime, let’s explore exactly what financing divorce means for your mortgage.
Can I Sell Before Divorce?
Everyone’s circumstances are different, so it is very important that you discuss your situation with us and your solicitor as soon as possible, in a totally confidential environment.
Strictly speaking, life would be simpler if everyone agreed to sell a property, pay off any outstanding mortgage amount, divide the remaining cash and then head off down their own paths – leaving the house behind. This is very straightforward, but it doesn’t account for the emotional connection to the house, as well as emotions stirred up during a divorce settlement. With or without children involved, one of you may want to keep the house and buy the other out.
So it’s a minefield. Let our advisers help support you and work with your solicitor to look at your mortgage capacity. Here at 1st Mortgage Services we can provide you and your solicitor with a full mortgage capacity report, confirming what you can borrow, using various scenarios. You can also use this report both in and outside of court proceedings.
A common issue in this situation is one party not paying their mortgage payments. Missed payments has a knock-on effect on your ability to get a mortgage, or any other credit, in the future. So, as difficult as it may be, it is really important to keep up with your repayments. Perhaps discussing your issue with family could help before any credit issues go on your credit history.
What If I Want to Stay?
You may not be ready to leave your home and, if this is the case, you do have options. You may be able to take over the mortgage after the divorce is finalised, but you will need to prove to your lender that you can afford the mortgage repayments without the help of an ex-partner. You’d be reassessed as a new applicant and, unless you pass this assessment, they are not under any obligation to remove the other partner from the mortgage.
It’s no secret that divorce is a long and painful process, but with 1st Mortgage Services, you can guarantee that you will receive quality help and advice; you have our full support.
What our clients say
Customer service is everything for 1st Mortgage Services – selecting a mortgage lender and knowing which is the right product for you can be a complex and time-consuming exercise. Julie and her team make this easy – they offer sound, reliable and friendly advice, taking the headache out of this important life decision. The team carry out their work over the phone, via email and by post – plus home visits, at times to suit the client, are also on offer. They offer a wealth of experience in the mortgage industry – their knowledge and expertise plus their openness and ability to convey understanding of the product, is very reassuring
Purchaser 2018, Northallerton
Given my experience, I feel that the company/individual operate in such a way that treating customers fairly is central to their culture. Julie was always on hand to answer my queries and advise me of the best way forward and sorting everything out for me, as I needed it, to a tight timescale. I could not have asked for a better service.
Purchaser 2018, Whitby
Ready to talk through your mortgage?
We charge a combination of an initial fee of £250 on application and retain the commission received from the lender. Think carefully before securing other debts against your home. Your property may be repossessed if you do not keep up repayments on your mortgage.