Divorce or separation is not something we ever prepare for. We live for the moment and embrace the feeling of love, so if something unexpected happens and this ends up becoming a reality, your perfect world can sometimes become a little complicated. It can affect ownership of belongings and pets, your children, your finances and more.
We find that in most situations where children are involved, the parent who spends more time raising them, say a stay-at-home parent, will stay in the property with those children whilst the other moves out. There may come a time that whoever is “in situ” wants to take over the mortgage in their own name. Alternatively, maybe both parents want to leave and start anew.
One of the biggest things that may become complicated is any mortgage commitments you made together. If sorting this out isn’t going quite so smoothy, it may be time to approach a mortgage broker in Hull to get that the specialist mortgage advice that you need.
As an experienced and dedicated mortgage broker in Hull, we deal with specialist cases every single day. Through our years within the mortgage industry, we have been there to support and guide many different customers who were going through a divorce or separation. When those people do get in touch, we often find ourselves being asked the same three questions:
Once you have already made your mortgage commitments, changing these can be a difficult process. Both of your names are on your mortgage and as nice as it would be, it isn’t just as straightforward as speaking to your lender and asking them to take your now ex-partner off the contract.
When you approach your lender or a trusted mortgage broker in Hull to enquire about removing a name from a mortgage, they will have to be sure that the remaining applicant on the deal is able to afford their mortgage completely, without the assistance of another party.
Each of you will have to receive a full affordability assessment regardless of whether you have kept up to date with your mortgage payments or not. You may even be able to prove that you have been paying your mortgage payments without any help from your ex, but this will not change the fact their name is tied into the deal and you’ll still need to pass the lenders checks.
At this point in the process, we often find that people have someone already ready and willing, who can step in and replace the ex-partner on your mortgage. This is usually a family member, a close and trusted friend or in some cases, a new partner altogether.
Every lender will assess your affordability for a mortgage in their own unique way, so don’t give up if your existing lender is unable to help you out. There may still be other options available to you as a homeowner, so it is always worth seeking the help of a mortgage broker in Hull to see how we can help you out.
This will work the same as if you were trying to removing another person’s name from your mortgage. Both of your names are still tied into your mortgage so even if you are the one who chooses to leave, you are ultimately still responsible for any mortgage payments if your ex-partner cannot keep them up.
Even if you have a verbal or written agreement between you both that your ex will be the one maintaining payments, this is not legally binding in the eyes of the lender and you will be deemed responsible.
If at any point in the future you wish to take out a mortgage on a newer property, solely in your name, the mortgage payments for your old property will be taken into consideration by the lender. As such it is very important to take this into consideration prior to doing so and is why we always recommend getting help from a professional mortgage advisor in Hull ahead of time.
In these kinds of circumstances, we find that people can often get confused and stressed out, which is exactly where a fast & friendly mortgage advice team here at Hullmoneyman can step in. One of our loyal and hardworking mortgage advisors in Hull will sort everything out for you and recommend the most appropriate options available to you as someone who is now moving home in Hull. We will always have your best interests at heart
Some lenders are more generous as regards how much they’ll lend you than others. Some are strict and some may be more lenient, with any existing mortgage commitments being a large factor in this during these circumstances. We will take this into account when recommending the most suitable lender to apply for a mortgage agreement in principle with.
For many homeowners, depending on varying factors, the option to have more than one and even more than two mortgages on different properties is a possibility. There will be a lot for your lender and their credit scoring systems to assess when you apply for a second mortgage.
The main factor, much like above, is determining whether or not you can afford this route. If you are applying for multiple mortgages and are failing, this could have a very negative effect on your credit score.
As a fast & friendly mortgage broker in Hull, we have the ability to perform a search for you without damaging your credit file. Once we have keyed in all of your information, we can provide you with an estimation of the maximum amount that you will be able to borrow.
This will help you create an outline of your budget and how much your monthly mortgage payments are roughly going to be on top of your existing financial commitments.
It can be difficult to move on from your current financial commitments, especially in situations like these. This is why having an expert advisor by your side will be incredibly beneficial to you in the process of setting yourself apart and removing a name from a mortgage.
Moving home is already a stressful enough experience and if you add that to a complex situation like a divorce or a separation, it can sometimes all get a bit too much. Get in touch with a mortgage advisor in Hull today and we will see how we can help you.