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Getting a mortgage after divorce

Going through a divorce or separation can be difficult and dealing with the financial implications can leave homeowners feeling frustrated. Going through a divorce or separation can be difficult and dealing with the financial implications can leave homeowners feeling frustrated. If your current property already has a mortgage, you may be wondering what options are available to you. Whether you’re considering buying out an ex-partner or looking to the future and your next property, the chances of getting a mortgage will have a big impact on any plans.

 

Lenders will consider a number of things, such as your situation – i.e. what is it you want to do? Are you taking on the mortgage on an existing property by yourself or with a new partner or family member? Or are you buying a new property but are still liable for payments on the old one? Do you need to refinance to raise money and buy someone out?  Whatever your situation, it will have some impact on your ability to get a mortgage.  Your income will also be a significant factor along with any ongoing commitments and the conduct of these. 

 

Contact Us to discuss your situation and find out your chances of getting a mortgage after divorce.

 

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How does divorce affect getting a mortgage?

Whilst divorce in itself shouldn’t affect your ability to get a mortgage, some of the consequences of a break-up can. Anyone you’ve lived with and shared accounts with will usually show as a financial associate on your credit history. Any issues with their credit history may therefore impact your credit rating and will show up on any credit searches.

 

It is sometimes possible to take the mortgage on by yourself and remove your ex-partner (if they’ve moved out). To do so, you will need to pass a lender’s affordability checks. If you can’t, all named borrowers will need to continue paying the mortgage or sell the property.

 

If you’ve left the property but are staying on the mortgage either because your ex can’t afford to buy you out or can’t afford the mortgage repayments on their own, you will be still liable for the mortgage payments. Getting a mortgage after a divorce or separation is possible whether this is on your own or with a new partner. It’s worth noting that your current mortgage payments will count as commitments toward a new mortgage application. This could reduce how much you can borrow and could affect your plans for buying a new home.

 

If your needs are more complex, you can also check out our page on specialist mortgages for more help.

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Getting a mortgage after divorce: what are my options?

You have a few options after a divorce depending on your current situation, finances and your long-term plans. Here are some of your options:

Sell Your Current Home And Both Parties Move Out

You both walk away with a share of the equity and repay the mortgage from the proceeds of the sale. 

Both Parties Move Out And You Rent Out Your Existing Home

You both stay on the mortgage and switch it to a Buy To Let mortgage. You become landlords and the rent covers your mortgage payments. Borrowers who choose this option often do so as they have very little equity or are in negative equity.

One Party Assumes The Current Mortgage

Want to stay in the property and take the mortgage on your own? You can through a process known as a transfer of equity. This will allow you to transfer the property into your sole name. If you need to raise funds against the property to buy out your partner’s share you can often do this at the same time. Whether the other party can take the mortgage on in their own name will depend on their personal circumstances.

 

Take Out a Guarantor Aka Joint Borrower, Sole Proprietor Mortgage

If you can’t afford the mortgage by yourself, a guarantor mortgage can enable you to buy with the help of close family or friends. With a mortgage of this type, the income of the guarantor boosts the income of the application. They can also contribute to the mortgage payments. Another alternative would be a joint borrower sole proprietor mortgage, and our experts will be happy to help determine whether this may better suit your circumstances.

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Why choose Simple Fast Mortgage for expert advice on mortgages after divorce?

Choosing the right mortgage advisor is an important task for anyone who is looking for a mortgage after a divorce. You need someone who is discrete, knowledgeable and trustworthy to help you make the right decisions for you and your family.

Here’s why you should choose us:

  1. Over 20 years experience: With more than two decades of experience in the mortgage industry, we’ve helped multiple clients to find a mortgage after divorce in some very complex circumstances and we can help you too..
  2. Appointment flexibility: We understand that your schedule is busy, which is why we offer appointment flexibility to fit your needs. Whether you prefer to meet in person, over the phone, or via video call; first thing in the morning or when your ex-partner or children aren’t around, we’ll find a time that suits you.
  3. Access to specialist lenders: When it comes to mortgages after divorce sometimes you need a bit more flexibility than what a traditional lender can offer and that’s where specialist lenders come in. Our advisors have access to a wide range of specialist mortgages across the full market so we can find the best solution for you.
  4. No-obligation advice: The world of mortgages can be confusing when you are facing divorce. Our mortgage advisors offer no-obligation advice, so you can feel confident that you’re making the right decision for your circumstances. Our expertise is trusted by borrowers throughout the UK.
  5. Stress-free process: Going through a divorce or separation can be stressful, but getting a mortgage after a divorce doesn’t have to be. When you work with us, we’ll take care of the details and we’ll liaise directly with the lender and any other third parties (solicitor, accountant etc.) so you can focus on what really matters.

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