Mortgages for Divorcees
Best Mortgage Rates
Mortgages for Divorcees
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- Lloyds Bank
- 4.07% Initial
- 5 year fixed
- 6.6% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.10% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.14% Initial
- 5 year fixed
- 6.3% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 5 year fixed
- 6.4% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 2 year fixed
- 6.7% APRC
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Cashback £0Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.19% Initial
- 5 year fixed
- 6% APRC
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Cashback Max £1,250Free LegalsFree Valuation
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- 4.19% Initial
- 2 year fixed
- 8% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.20% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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Mortgages for Divorcees
Getting a mortgage after a divorce
Divorce can be stressful enough without having to deal with rearranging your current mortgage.
Divorcing couples: what are their mortgage options?
The home can only be sold if both owners agree to it. Otherwise, one partner may have to purchase the other's share of the mortgage, known as 'buying out'.
Divorcees have three options for untangling their joint mortgage arrangements following a divorce. These include:
- Selling the property - if both you and your ex-partner intend to move out, this can be a simple way to divide the mortgage. A house can be sold normally, and the proceeds can be used to pay off the mortgage. Money that is left over will usually be divided between the two parties
- Keeping the property - this usually involves one partner buying out the other. It will be necessary for the partner staying in the house to prove to the mortgage provider that they can pay the mortgage as one unit. If you are going to buy your ex-partner's share in the property, you may also need an up-to-date valuation
- Both divorcees continuing to pay the mortgage – If the divorce is amicable or there are children involved who must remain in the family home, both divorcees may agree to continue to pay the existing mortgage even if one partner is moving out
How can I increase my chances of getting a mortgage after divorce?
- Keep up with your repayment obligations - Even if you no longer live at the property, you are both responsible for the mortgage repayment. Until the house is sold, you must continue making payments even if you intend to sell it. Your credit rating could be negatively affected if you fail to do so, making it harder for you to obtain a mortgage in the future.
- Keep your mortgage provider updated about the situation. Many mortgage providers are very understanding during a divorce and may offer payment holidays to help both partners move forward. However, they must be kept fully informed about the divorce process so they can do this.
Divorce and credit issues
Divorce does not automatically separate fiancés, as some people mistakenly believe. Therefore, if your ex-partner has a poor credit rating, you may have difficulty getting a competitive mortgage deal in the future.
Once you request financial dissociation from a reputable credit agency, your credit report will be removed from your ex-partner's credit report.
To investigate your finance options, call our broker team or fill in our call back form - speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464