The decision to divorce is difficult for all involved and discussing who gets to keep the house is often one of the most painful parts. We can help make it more straightforward by spelling out the options for you.
If you have a mortgage at the point you decide to split from your partner, there are four main options available to you. Typically they are:
It’s common for one partner to want to buy the other out to enable them to stay in the family home, particularly if there are kids involved. But unfortunately it’s often the case that this option is unaffordable. All is not lost! We’re here to help you look at the options and decide what’s in your best interest. You could consider bringing on a guarantor or structuring the mortgage on a ‘joint borrower sole proprietor’ basis, for example. This would mean that two people can be on the mortgage even when one person owns the home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for Mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is £549.
As part of the process the courts may require a Mortgage Capacity Report (MCP). This will detail how much you can borrow as a single applicant and may have a direct impact on any divorce settlement. The MCP or Borrowing Capacity Report must be issued by a CeMap qualified and FCA regulated Mortgage Advisor.
Lucra Mortgages has a wealth of experience in this field and has several specialist divorce lawyers introducing enquiries of this nature to us. Importantly, unlike most mortgage brokers, we will not charge you to produce a Mortgage Capacity Report.
We would always suggest that you seek legal advice before making any changes to your existing mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for Mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is £549.
Complete our form or give us a call. Everyone’s needs are different so we’ll gather all he info we need to help make your application as smooth as possible.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for Mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is £549.
