Financing Divorce
Financing Divorce
A third 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 suitable mortgage solution 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.
The Chat
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 are saying
Benefits of Being With the Business
Considering succession planning can be overwhelming, especially when trying to navigate industry compliance and changes. However, I found a solution that not only alleviated these concerns but also offered valuable support for my clients.
By meeting with Julie Gilbert at First Mortgage Services, I discovered the advantages of fully onboarding with them. They provide access to additional resources, such as an administrator and regular sales meetings. This support allowed me to not only continue advising my clients but also have more time for my family.
When the time comes for succession planning, I can make the decision to continue advising without feeling pressured or rushed.
If you're in need of succession planning or considering onboarding, I highly recommend First Mortgage Services. They have the expertise and support to make the transition seamless and beneficial for all parties involved.
1st Mortgage Services is a lovely place to operate under as a mortgage and protection intermediary. They have a positive and forward-thinking attitude and a great team around you to support all aspects of the job.
I have personally gained a vast amount of experience from my time with the company and have benefited greatly from the shared experience of the whole team. The support of the marketing and paraplanning departments helps greatly with managing workload while ensuring industry standards are adhered to.
The team were all very welcoming and I have always felt at home since joining. It really makes a difference to have that positive working environment with other individuals and to feel part of a team, and 1st Mortgage Services has always had that for me.
Since joining 1st Mortgage Services, I have felt a level of support in growing my business I have not had before. Julie constantly thinks of new ways to generate business, keep engaged with local business’ and promotes the company in various different ways so we are never really out of people sight.
The recent regulatory changes haven’t been a challenge as the support we get from our colleagues, in admin and para planning are fantastic. So we are always on top of our cases and clients constantly kept up to date. This just means everyone who steps foot through our door gets the best possible service in all areas of the advice process from start to finish.
Speak to Us
We specialise in finding suitable mortgages for our clients from a curated list of over 65 lenders. We’ve done the hard work – we’ve already built fantastic relationships with these lenders, so you don’t have to. Our service is completely tailored to fit your requirements. We cater for most parts of the mortgage market and clients nationwide.
To inquire about succession planning or onboarding, reach out to us by email or phone.
- 01845 501830
- info@1stmortgageservices.co.uk
