No one expects a divorce or a separation, so if things go unexpectedly and it does happen, things can sometimes become complicated. One thing that may become complicated is your joint mortgage. If things aren’t running smoothly, it may be time to approach a Mortgage Broker in Hull to get that specialist help that you need.
As a Mortgage Broker in Hull, we deal with specialist cases every single day. Over our many years of working within the mortgage industry, we have provided our expert help and guidance to lots of customers who were going through a divorce or separation. When people come to us asking for advice on their mortgage regarding a divorce or separation, we always 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?
Making changes to your mortgage, once you have made your mortgage commitments, can be tricky. Both of your names are on your mortgage and you can’t remove an ex-husbands/wife’s name just like that.
This can become even more complicated if there are children involved. We find that in most situations the mum stays in the current household with the children whilst the dad moves out. However, regardless of gender, it can go either way really. 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 home.
Even if you are able to prove that you have been paying your mortgage payments without any help from your ex, this will not change the fact their name is tied into the deal.
When you approach your lender or a 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 has the means to be able to afford a mortgage on their own going forward. 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.
At this point in the process, there is often already someone who can step in and replace the ex-partner. This is usually a family member, friend or a new partner.
Every lender has there own unique way of assessing your affordability for a mortgage, so don’t give up if your existing lender is unable to help. There are other options available, for example, you should approach us, your Mortgage Broker in Hull and we will see what we can do.
The same rules apply in this situation to if you were trying to removing another person’s name. Both of your names are still tied into your mortgage so even if you leave the family home, you are still responsible for any joint financial commitments you took out with your ex-partner. This is the case even if you make an agreement with your ex that they will make all the payments.
The mortgage payments for your old property will be taken into consideration 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 a professional Mortgage Advisor in Hull.
In circumstances likes this, people can often get confused and stress out and that’s why we are here to step in. At Hullmoneyman, a Mortgage Advisor in Hull 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
Some lenders are more generous as regards how much they’ll lend you than others. Some are strict, some may be more lenient. If you come to us for Mortgage Advice in Hull, we will take this into account when recommending the most suitable lender to apply for a mortgage agreement in principle with.
Yes, you can have more than one and even 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 but there are lots more that need to be considered. Before applying, make sure you can afford a second mortgage as if you get declined, it could leave a negative impact on your credit file.
A Mortgage Broker in Hull, like Hullmoneyman, can perform a search for you without damaging your credit file. Once we have keyed in 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.
It can be difficult to move on from your current financial commitments, this is why having an expert advisor by your side could prove highly beneficial. Moving Home can already be stressful enough and if 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 Hull today and we will see how we can help you.