Divorce often raises complex questions, especially about housing. If you’re navigating a mortgage after divorce, In this blog post specialist divorce and finance solicitor Jasmine Galvin shares some of the points to consider.
What happens to a joint mortgage after divorce?
Divorce doesn’t change your responsibility to your mortgage lender, meaning both parties remain liable for the payments. This can impact decisions on who remains in the home or if mortgage payments will be shared post-separation.
Exploring mortgage options after divorce
If you plan to keep the house, consider a Transfer of Equity to become the sole owner. This process may require negotiating terms with your ex-partner and determining if a single income can cover the mortgage. Consulting a family law lawyer can help simplify this process and make sure you understand your legal options from the beginning of the process.
Taking over the mortgage after divorce
After reaching an agreement, it’s essential to update or change your mortgage terms, which may involve fees and affordability checks, especially if only one income remains. Keeping the original mortgage after divorce could be beneficial, but not all lenders will allow it. Mortgage brokers and your lawyers can work with you in these cases to find best solution for your future security.
Navigating mortgage decisions after a divorce can be challenging, but taking the right steps can secure your financial future and home stability. Whether you’re considering a Transfer of Equity, remortgaging, or exploring other housing options, having experienced guidance is essential. Our divorce and finance team work closely with a range of trusted experts to ensure our clients have the best advice and support.
If you are considering divorce and are worried about your home or mortgage our divorce lawyers office a free initial consultation to help you understand your unique situation and options. Find out more about our divorce and finance lawyers here.
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