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Mortgage Advice for Applicants Going Through Divorce or Separation

Mortgage Advice in Newcastle

A divorce or separation is never planned when you move in with your partner, so if things to go unexpectedly and this happens, things can get complicated very quickly, particularly your mortgage commitments.

As your expert Specialist Mortgage Advisors in Newcastle, we know exactly what to do in order to get things rolling smoothly. We know that these times can be hard, especially if you are trying to sort everything on your own, and that’s why we always offer a helping hand.

As a Mortgage Broker in Newcastle, a day doesn’t go by where we don’t deal with a specialist case. Over our many years of working within the mortgage industry, we have provided our expert help and guidance to many customers who have needed Mortgage Advice in Newcastle through their divorce or separation. When people come to us asking for advice on their mortgage regarding a divorce or separation, we usually get asked the same three questions:

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 2 mortgages?

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

Once you have joint financial commitments with somebody, removing their name can sometimes be difficult. When you first moved in, you both put your names on the mortgage and taking one-off isn’t as easy as you may think.

Things can become just a little more tricky when there are children involved. It’s more common for the mum to remain within the household with the children but obviously, it can go either way. There may come a time that whoever is “in situ” wants to take over the mortgage in their own right. You never know, maybe both parents may want to move out and move on.

Even if you are able to prove that you have been paying your mortgage payments without any help from your ex, this will still not change the fact their name is tied into your mortgage with you.

Removing a name

When you approach your lender or a Mortgage Broker in Newcastle trying to remove a name, they must ensure that the remaining applicant on the deal has the means to able to afford a mortgage on their own going forward. It is also important that you know that both you and your ex-partner will have to go through a full affordability assessment, even if you have been keeping up with your mortgage payments.

During this point in the process, we normally see that there is already someone who can step in and replace the ex-partner. We usually find that this is a family member or a new partner.

Every lender has their own different way of assessing your affordability for a mortgage, so don’t give up if your existing lender is unable to help because there are other options available. One is to approach us, your expert Mortgage Broker in Newcastle and we will see what we can do.

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

The same rules apply for this situation for if you were trying to remove someone else’s name. Both names are still tied into your mortgage so even if you decide to leave the household, you are still responsible for any joint financial commitments you took out with your ex-partner. It’s important that you know that this is still the case even if you have made an agreement with your ex-partner that they will make all of the payments.

The mortgage payments for your old property will be taken into account by your lender if you want to buy a new property in the future so it is important that you take this into consideration before making an offer. This is why we always recommend getting help from an experienced Mortgage Advisor in Newcastle.

In situations like this, people can get themselves stressed and need some expert help from an expert Mortgage Advisor in Newcastle. We are here to offer a helping hand; at Newcastlemoneyman, a Mortgage Advisor in Newcastle will sort everything out for you and recommend you with your best options as a person moving out of the family home. We will always have your best interests at heart!

You will find that some lenders are more generous than others in regards to how much they’ll lend you. Although, some are strict and some may be more lenient. If you come to us for Mortgage Advice in Newcastle, we will take your personal and financial situation into account when recommending you the most suitable lender to apply for a Mortgage Agreement in Principle with.

Can I have 2 mortgages?

Yes, you can have more than one mortgage, you can even get more than two! Lenders and their credit scoring systems will take in lots of different factors when you apply for a second mortgage. The main one will be your current financial commitments. There are still lots more that need to be considered though. Before applying, make sure you can afford a second mortgage, as getting declined could potentially damage your credit score.

A Mortgage Broker in Newcastle, like Newcastlemoneyman can perform a search for you without damaging your credit file. Once we have evaluated all of your information, we can confirm the maximum amount that you will be able to borrow. This will allow you to get an idea of your budget and how much your monthly mortgage payments are going to be on top of your current financial commitments.

We know that it can be hard to move on from your current financial commitments, this is why having an expert advisor by your side could prove highly beneficial. Moving Home is already stressful enough and when you add that to a complex situation like a divorce or a separation, it can sometimes all get a bit too much. Speak to a Mortgage Advisor in Newcastle today and we will see how we can help you!

Specialist Mortgage Broker in Newcastle

Newcastlemoneyman.com & Newcastlemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

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