No one expects a divorce or a separation and so if it does happen, things can sometimes become complicated very quickly. One of the main things that could become complicated is your joint mortgage. If things aren’t running as they were planned, it may be time to approach your local Mortgage Broker in Coventry to get an insight off a specialist:
As a Mortgage Broker in Coventry, 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 Coventry 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?
Once you have made financial commitments to a mortgage, making changes to it can be tricky. Remember that both of your names are on your mortgage and you can’t just remove an ex-husbands/wife’s name like that.
This can become a little more complicated if there are children involved. We find that in most situations the mum stays in the same home with the children and 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 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.
When you approach your lender or a Mortgage Broker in Coventry 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 go through a full affordability assessment, this still applies to you even if you have kept up to date 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. This is usually a family member, friend or a new partner.
Every lender has there 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 Coventry and we will see what we can do.
The same ground 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 decide to leave the household, 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 mortgage 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 Coventry.
In situations likes this, people can often get confused and stress out and that’s why we are here to offer a helping hand. At Coventrymoneyman, a Mortgage Advisor in Coventry 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 Coventry, 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.
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 Coventry, like Coventrymoneyman 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 Coventry today and we will see how we can help you!