Most people do not expect to divorce and so it is no surprise to discover this is not something people plan for. The unfortunate reality is too many people in the UK find themselves in this situation leaving them searching for options during what is already a very stressful time.
Divorcing your spouse when you have an outstanding joint mortgage is not an easy process. Both people are liable for the re-payments even after separation regardless of whether you are living at the property or not. In this scenario there there are a couple of options;
a) Sell the marital home and pay off the mortgage allowing both parties to move on and find alternative accommodation to buy or rent.
b) Transfer the mortgage into one partner’s name. However, as part of responsible lending criteria affordability will be assessed against the partner taking on the mortgage to ensure they can afford the mortgage repayments.
If you need help understanding your options or need someone to manage your mortgage options for you during this difficult time feel free to click ‘i’m in a hurry’ or arrange contact us to arrange a free consultation.
Please Note: The Mortgage Xchange is a partner of Scott & Goose LLP who are directly authorised by the Financial Conduct Authority under reference 661183. Your home may be repossessed if you do not keep up repayments on your mortgage.