When a relationship ends, there are many factors that need to be taken into perspective, besides the emotional stress that divorce brings. Financial and emotional details get tangled up and become quite overwhelming. However, with the help of an objective and independent expert like The Mortgage Hub, you can make the mortgage aspect of a divorce clearer. Here we mention a list of things that you should consider when it comes to your mortgage and divorce.
Understand Your Current Financials
Understanding as much of your current financial situation as possible is the recommended first step. Find out your current mortgage arrangements to give you a clear perspective for the following steps.
Our team at The Mortgage Hub can help you understand what you owe and what you can borrow moving forward as well as whether you need to sell or can buy each other out, easing the added financial strain that comes with the responsibilities of managing a separation.
Consider your Options
A separation means that you will have to weigh in your option and see what is preferable for you.
You could buy your partner out. Choosing to stay in the house after the divorce might mean buying out your partner’s stake so it is subject to agreement. You will also have to consider whether it is affordable to continue paying the mortgage based on a single income.
You could agree to sell up and move out. Sometimes staying in the house might not be an option, then you would have to put the house on the market, split the money and start afresh in a different property.
There are other options when it comes to dividing your home – maybe you agree on the home ownership to stay the same with one of the partners living in the house until the children are 18. Another option is transferring part of the property value from one partner to the other, wile keeping an interest in the house, which means that when the home sold, they would receive a percentage of its value
Talk to Us
Whatever the final decision would be, should be thorough and based upon an in depth analysis of your financial situation and this is where our team can make the most difference. At Mortgage Hub, we have helped countless couples arrange their finances with as little stress as possible – and our understanding of the process and experience in advising you on your mortgage following your divorce will make the transition just a little bit easier.
The Mortgage Hub is an independent mortgage advisor serving the greater Glasgow area. Whether you are planning to buy your very first home and need the right first time buyer mortgage, or are looking to re-mortgage due to a house move or to growing family – we understand your journey is so much more than a financial process, it’s a journey to achieve your dreams, improve your lifestyle and achieve your true potential.