Divorce & Separation Mortgage Advice in Sheffield

Mortgage Advice in Sheffield

A divorce or separation is something that none of us sees coming. They’re never expected and it sure isn’t ever planned but when it takes place, it is very stressful and devastating. When a divorce or separation takes place, a lot of financial and legal elements that need to be dealt with before each partner can go their own ways. These elements are confusing and sometimes complicated, therefore, it is very wise to have some knowledge and possibly some help regarding the matter instead of trying to deal with all of it without any preparation.

If you’re going through a divorce & separation, you don’t have to worry about the complicated processes. You’re not alone or helpless. Your Specialist Mortgage Broker in Sheffield is here to help you out!

Common divorce & separation questions:

There are three most common questions that we always come across regarding divorce & separation. Let us take a look at these 3 common questions and then we’ll consider their answers as well. The three questions are:

1. How can I remove my ex wife or husband from my mortgage?
2. How can I remove my own name from my ex partner’s mortgage?
3. Can I have 2 mortgages or not?

Now, we should take a look at the answer and explanation of these questions.

Figuring out a joint mortgage

It is very common for couples to have a joint mortgage and then after they get divorced or separated, they want to sort out the mortgage to let only one partner have their name on the mortgage.  Ending your joint mortgage has many benefits such as;

• The partner that stays in the house will no longer have to rely on their ex for the mortgage payments.

• The partner getting their name removed from mortgage will be able to borrow more and buy a house of their own.

• The partners will be able to break all the ties that link their credit files together. Financial freedom will be achieved.
  

How do I remove my ex-husband/wife from my mortgage?

Getting a mortgage with your partner is a major financial commitment. As you can already imagine, getting the name of your ex-partner removed from a mortgage is not going to be easy or simple. The fact is that making any changes to your mortgage is going to be very hard unless the case is that you’re coming towards the end of your mortgage term.

And of course, if children are involved, then things can get even more difficult. In a lot of cases that we’ve seen, the mum stays in the property. But either way, it will come down to whoever takes on the responsibility of the mortgage. When you want to get the name of your ex-partner removed from a mortgage, you have to offer sufficient evidence that you will be able to meet the mortgage payments on your own, without any issues. The lenders will analyse your salary and also your disposable income to figure out whether you will be able to make the payments on your own without any problems or delays.

The lender will also analyse the affordability of your ex-partner and they will check whether they will be able to afford a mortgage on their own in the future or not. They will also perform this affordability assessment on you too.

Here’s Specialist Mortgage Advice for you: you should be aware that as you bought the property with your ex-partner, the lender, in the case of mortgage arrears will be able to pursue either of you.

How do I remove my name from my ex-partner mortgage?

You can do this one of two ways. You can either approach your lender and enquire about removing a name by yourself or get the help of an expert Mortgage Broker in Sheffield, like Sheffieldmoneyman. Either way, they will have to be certain that the remaining applicant on the mortgage will be able to afford a mortgage on their own in the future. The way that this will be checked is through an affordability assessment, you will have to take one of these regardless of whether you have been keeping up with your mortgage payments or not.

Normally, during this point in the process, there is already someone who can step in and replace the ex-partner. This is typically a family member, friend or another partner.

You need to remember that every lender has their own unique way of assessing your affordability so don’t worry if your current lender says no. There are other options available, for example, you should approach a Mortgage Broker in Sheffield, like us who will try their absolute best to help you!

How do I remove my name from my ex-partner’s mortgage?

Now, the second case is when you want to remove your own name from a mortgage after divorce. The process might seem a bit similar to the process of getting your ex partner’s name removed but it does differ in its nature. Though in this situation, you will be the only one that wants to vacate the property and move somewhere else and this can cause some complications at times. Whenever people look for specialist mortgage advice, they always ask this question.

The problem in this case is that you need the consent of your ex partner to get your name removed from the mortgage. Also, the lender will do all the checks to figure out whether your ex partner will be able to afford the mortgage on their own or not. This process can become very complicated.

If you are given the consent by your ex partner to get your name removed from the mortgage and your ex partner is able to afford all the future mortgage payments on their own, then the process will not be very difficult as all things will working out well. When all of this works out well, you’ll surely want to look for your own property. If you consider the same lender, they might take the mortgage payments of your old property into consideration. And some lenders are strict, others are generous.

Finding a good lender can be a bit hard, and therefore we suggest that you get into contact with Specialist Mortgage Advice in Sheffield when you’re going through a divorce or separation. They give the best divorce and separation mortgage advice in Sheffield.

Can I have 2 mortgages?

In simple and brief words, yes, you can have 2 mortgages! But before a lender accepts you for a second mortgage, they will consider many different elements and factors. When they check your files, they will be able to see that you are connected with another mortgage as well.

The lenders will analyse and figure out how much of the mortgage payments are your share and whether you will be able to handle the 2^nd amount of mortgage payments. The lenders will consider almost every credit commitments that you might have anywhere. The risk factors will also be taken into consideration such as how likely the probability that your property is going to get repossessed because you won’t be able to afford the payments of the mortgage. Risks are something that the lenders stay away from!

If you want to have your affordability assessment done before you get into contact with a lender, you can always approach a Mortgage Brokers in Sheffield such as us. We will do all the credit and affordability checks to figure out whether it is going to be possible for you to afford a 2^nd mortgage or not. Do not feel hesitant in contacting us. We are here to help you out and offer our Specialist Mortgage Advice.

Getting help with your mortgage

In some cases, there will be people who might be able to help you out with the payments of the mortgages. Mostly, these are your family members or sometimes it might be your new partner that might be willing to step in and help out. But this is not something that happens with everyone.

So, if you are going to pay for the mortgages yourself, do not feel hesitant in contacting us and getting in touch with our experts who will help you out with the entire process. If you want divorce and separation advice in Sheffield, feel free to contact us, our experts will give you Specialist Mortgage Advice.

Our experts are skilled advisors are experienced in this specific field. They will try and help you with removing your ex-partner’s name/your name from a mortgage or helping you get ready for a 2^nd mortgage of your own. e will help you take the weight off your back! We only want the best of the best for you.

Conclusion

The process of sorting out mortgages after a divorce or separation is a complicated one. People often require specialist mortgage advice and professional help.

If you try to deal with such processes yourself, you might end up making some wrong decisions which could affect your ability to obtain a mortgage in the future. So, make sure you do everything in the right manner. Allow us to help you, get in touch today.

Mortgage Advice in Sheffield