Mortgage options when getting divorced

lauradora

Afternoon money savers

I'm looking for some simple information that no one seems to want to give me.  I am currently trying to wrap up the financials in my divorce.  After the details are worked out and everythings finalised obviously everything is going to have to go into my name on the house.

My question is do I have to re mortgage or is there another option??  I'm going to lose out big time if I have to remortgage given the current rates.

is there a way to just take my ex's name off of the mortgage I'm currently re paying on my own anyway??

Caz3121

you would need to speak to your lender. They will likely check affordability for you as a single borrower before agreeing for it to go into single name.
Your lenders site may have information eg this is Nationwide's https://www.nationwide.co.uk/mortgages/existing-mortgage-members/change-of-borrower/

ACG

If your ex is in agreement to take his name off the mortgage, then assuming you pass the affordability and credit checks with your lender it would be fine to take his name off and keep the current product. 

Some lenders (I only know of Skipton) can take a view on the above. If you do not pass affordability but can evidence you have solely been paying the mortgage for 6 months they can look to take the ex off. Other lenders may do something similar. 

If your current lender, is not going to lend enough or you do not pass their checks then you would either need to wait or switch  lenders and yes switch to a current rate available. 

dimbo61

So many questions to consider
Children ?
Equity?
Mortgage amount outstanding ?
Incomes both your Ex and yourself ?
Pensions ? Ages ? Savings ? Local housing market ?
Are you getting divorced?
What has been agreed between you both ? 
What has your solicitor said ?