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Buying house when you are separated / with new partner
mazzz
Posts: 2 Newbie
Hello all
I'm a new poster (long time lurker though) and have tried a search but couldn't find anything that answers the question... maybe my search skills are just rubbish though :cool:
I am wondering in relation to buying property if you are separated from a husband/wife and have a new partner - is it possible to buy property in joint names with the new partner and if so, how long do lenders like you to have been 'attached' before applying or is there no rule on this?
Do you need to be officially divorced or is separated enough (assuming you are applying for a divorce, I presume!) Also are there any implications such as property would be considered "jointly" owned with husband/wife even if separated. (I asked one lender about this and they suggested taking legal advice..)
All of the above is assuming you meet the normal requirements such as credit history being decent (no defaults etc), income as a 'sensible' multiple of mortgage and so on.
I'm sure in this "day and age" people are not limited just to renting after splitting up with someone and finding a new partner, so any experiences on this?
Any sensible
input appreciated!
I'm a new poster (long time lurker though) and have tried a search but couldn't find anything that answers the question... maybe my search skills are just rubbish though :cool:
I am wondering in relation to buying property if you are separated from a husband/wife and have a new partner - is it possible to buy property in joint names with the new partner and if so, how long do lenders like you to have been 'attached' before applying or is there no rule on this?
Do you need to be officially divorced or is separated enough (assuming you are applying for a divorce, I presume!) Also are there any implications such as property would be considered "jointly" owned with husband/wife even if separated. (I asked one lender about this and they suggested taking legal advice..)
All of the above is assuming you meet the normal requirements such as credit history being decent (no defaults etc), income as a 'sensible' multiple of mortgage and so on.
I'm sure in this "day and age" people are not limited just to renting after splitting up with someone and finding a new partner, so any experiences on this?
Any sensible
input appreciated! 0
Comments
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Lenders don't care how long a couple have been together as long as they meet their other criteria. Friends buy houses together who aren't even 'partners' in that sense.
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If you still have a joint mortgage with your ex, this will affect your ability to get another, new mortgage. All of the old mortgage will be considered as your debt and will reduce your borrowing power.
Do you still have a joint mortgage with your ex?Warning ..... I'm a peri-menopausal axe-wielding maniac
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Hi, thanks for the responses!
Debt Free Chick: no, I do not have a mortgage currently (either sole or joint names) and would be a first time buyer with regards to new partner.0 -
Then go for it !!!0
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Until you are divorced and signed off an agreed financial settlement with your ex spouse you shouldn't buy a new property. Your ex could have claim to some of the value of the new property.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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silvercar beat me to it.
A situation I know of at the moment: Man + woman divorce, but financial settlement and arrangements for the kids drag on for various reasons. Man remarries. New wife puts man on deeds of her (mortgage-free) house. Ex-wife asks for slice of new wife/man's house in financial settlement. Has good chance of getting it too apparently :eek:They deem him their worst enemy who tells them the truth. -- Plato0
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