Divorce can wreak havoc on your emotions, finance, and of course, the home you embellish with love. But instructively speaking, it should not be taken as a stressful event, instead of a process that needs considerate handling. At times, it may be confusing and even daunting when legal implications get in the way. In the line of reasoning, the most important being managing your finance and mortgage. That’s why getting Specialist Mortgage Advice saves the day. So, let’s dive in and learn everything you need to know about divorce and separation when having a Mortgage Advice in Cambridge.
At Cambridgemoneyman, we believe in sharing our first-hand knowledge with our clients that helps them tackle their mortgage-related legal matters. This guide contains practical information about most of the queries that our clients are anxious to ask. Our Specialist Mortgage Broker in Cambridge has answered the 3 most important and commonly asked questions. We understand your hesitation and hope that the detailed answers will make it easier for you to take the first step towards settlement.
So, let’s get these questions answered one by one…
Joint investment in a home is a huge commitment on a financial basis and needs to be dealt with carefully. Similarly, removing a name from the mortgage or any other changes can be strenuous unless you come to the end of your mortgage term.
When you are a family and have children involved, things can get a bit more complicated. In most cases, the mother gets hold of the property. Whoever agrees to reside in the house is the most likely to take full responsibility for the mortgage.
If you want to remove your ex-partner’s name from the mortgage, you need to provide solid proof that you can afford your own mortgage payments by yourself. Lenders will keenly study your salary, expenses, disposable income and then decide if you can hold your own mortgage or not. Moreover, they will also check your ex-partner’s credentials to decide whether he/she will be able to go forward with their mortgage or not.
Finally, they will perform an assessment on your credit file before coming to a decision. More importantly, since the mortgage was in partnership, the lender can follow you both in the mortgage arrears list.
The same process follows if you want to remove your name from the mortgage. However, the scenario is a bit different and tough for those who prefer to vacate the house. Removing your name from the mortgage requires duly signed consent from you and your ex-partner. Again, the lender needs to carry out a detailed affordability assessment to confirm whether your partner can manage the installments on their own or not.
If your partner agrees to remove your name from the mortgage and can afford the payments, you are clean to look for your own place. When you move into a new place, your lender will consider your former mortgage payments. But the fact is not all lenders are the same as some are more strict than others and rarely consider your state of affairs. Hence, you need to try and find the right lender for you, and that’s exactly where we come in. Cambridgemoneyman not only provides you with divorce and separation Mortgage Advice in Cambridge but also will help you find that perfect lender for your own circumstances.
Yes, you can! You can have multiple mortgages and properties as long as you can afford to pay for them. Once you apply for a new mortgage, your lender has the power of decision. They will take an affordability test that includes checking your credit profile before acceptance. When checking your file, your lenders have full access to check all the mortgages that your name is under. They will try to figure out how much you contribute to these mortgage payments. Finally, they will decide whether you can manage the new mortgage expenses or not. They make the final decision by even following the other financial commitments to your credit.
Furthermore, the lenders will also account for the likelihood and the risk factors for your house’s repossession. If they find you high risk, they won’t take the chance and you may be declined. On the other hand, as a Specialist Mortgage Broker in Cambridge, we have the solution to all your problems.
You can get an affordability check at our Mortgage Broker in Cambridge before connecting with a mortgage lender. At Cambridgemoneyman, we analyse your affordability first so that you can make a final decision.
We have Specialist Mortgage Advisors in Cambridge with years of experience with both class and professionalism. Reach us out for any divorce and separation Mortgage Advice and assistance. Our amazing team of dedicated field specialists will be more than happy to help.