It can be a very difficult time when you have to close the door to a relationship. Moving on, trying to arrange finances and finding where you’re going to live can be very stressful. Your financial commitments to one another must be attended to first. This may not go as smoothly as you would hope and you may encounter some bumps along the way.
Our job is to help you through the financial hardship that you and your ex-partner are facing, in particular, the mortgage side of things. We have a history of helping applicants in this situation and experience helping customers in other specialist situations such as debt consolidation, equity release and buy to let investments.
As a Mortgage Broker in Leeds, we are often able to help applicants going through a divorce or separation. Here are the most common questions asked by customers when it comes to Divorce & Separation Mortgage Advice in Leeds:
If there are children involved in this situation, it is usually the mother who stays inside of the property; this isn’t always the case though. Regardless of gender, it will be the same process for you if you want to remove your ex’s name from the mortgage.
Once you have decided that you are going to be the applicant to remain living inside the property, you will need to try and remove your ex-partner’s name from the mortgage. This is where you and your ex-partner will need to prove that they’re financially stable with their sole income alone. This can be demonstrated in different ways; measuring affordability, costs of living, and eligibility.
If you manage to remove their name from the mortgage and you have demonstrated that you are able to meet your repayments without your ex’s contribution, if by any chance you fail to meet a payment, they can chase your ex for the money. This is because, at the time of taking out the mortgage, you were registered as a second applicant so they can legally still ask for the money from you.
If you cannot demonstrate that you are able to afford your mortgage repayments on your own, then you may need to ask a family member to help out, or in some cases, an applicant will already have another person ready to move in.
It also makes no difference if you and your ex-partner create a verbal agreement that one party will not contribute towards any payments. Until you have successfully removed the name from the mortgage, that party will still remain liable for any payments, should the balance fall into arrears.
The process works exactly the same, however, you are trying to move out of the property and take your name off the mortgage. A recurring problem here is that the applicant remaining inside of the property could refuse to have your name taken from the mortgage. This could mean that you are still liable for any outstanding repayments that are not met by your ex-partner.
We deal with customers in both scenarios in Leeds, and most of the time it can be a complex and difficult situation, as it’s not that easy to remove a name from a mortgage. It also means trying to get a mortgage of your own as a sole name applicant or trying to get a mortgage still linked to another one. Even though you may not be paying anything towards the repayments, it doesn’t mean that you are not responsible.
If your name is still on your ex-partner’s mortgage, you may be asking the question “can I get two mortgages”. The simple answer is yes, however, it is down to your current financial and personal situation.
If you are still financially linked with your partner, your Mortgage Broker in Leeds or lender will assess this situation and be able to determine whether you can afford to be linked with two sets of repayments. Lenders always check ongoing financial commitments, which can include the mortgage payment you currently hold with your ex and any additional commitments you have, such as car payments, phone bills and more.
Our Mortgage Advisors in Leeds will try their best to help you in your situation. We know that not every scenario is the same, therefore, we will make sure that we are fully aware of the full picture before continuing.
Don’t be ashamed of getting Specialist Mortgage Advice in Leeds, we can work out how much you are able to borrow by checking your affordability and then take a look at some potential deals that could be perfect for you. If we work out your budget, you will be able to get an idea of where you stand.
Moving on from previous joint financial commitments can be difficult, and that is why we want to take the stress away and offer a helping hand. Remember that as far as lenders are concerned, it’s all about the risk. They would prefer to avoid repossession situations at all costs.
Date Last Edited: December 6, 2023