Mortgages to Buy Out Your Ex

What are your options?

Depending on your circumstances, you may decide to:

buy the other owner's share
sell their share to a new joint owner
sell the home and split the proceeds.

Once you've reached an agreement about what to do, you might want to get another formal legal agreement drawn up to reflect this. If you're separating from your partner, the agreement is called a 'separation agreement' and can be used to sort out all sorts of important issues such as:

who'll pay off any joint debts
pension entitlement
what will happen to your home.

If you're not in a relationship with the other joint owners, you could consider having a 'Minute of Agreement' drawn up by a solicitor if things are complicated. In most cases though, you'll probably be able to agree what's going to happen between yourselves.

You will need independent legal advice from a solicitor if you're in either of these situations then again this is where we can help.

What if I want to buy or sell a share in a home?

If you own your home jointly with someone else, you may wish to buy out the other owner at some point, or to sell your share. In this case, you'll need to get the property valued, to find out how much your share is worth. You may wish to get more than one valuation, to ensure you get a fair price. You then need to agree on a selling price with the new joint owner.

What is a divorce mortgage?

It’s a sad fact that around 40% of marriages end in divorce. Working out how mortgage repayments will be kept up and how to refinance your arrangement is an important consideration. Most married couples co-own their property. If one partner wants to move house, their share of the property can be bought from the other partner who wants to stay in the home. Divorce mortgage specialists help you work out how much this percentage is worth and how to proceed sensitively. A divorce mortgage also helps you to factor in other legal details and help avoid missed payments or financial problems.

Specialist divorce mortgages

Lenders are becoming much more aware of the financial pressures brought about by a divorce, especially on women. They will now take into consideration a number of issues when arranging a mortgage, including divorce settlements, maintenance payments, tax credits and non-traditional income.

In many cases it is possible to refinance the property allowing one party to remain in the home, perhaps permanently or perhaps just until a sale can be achieved, and allowing the other to place a deposit on a new property. This is the most straightforward method in a Divorce Mortgage scheme.

It is straightforward for the simple reason that regardless of the employment status of the client maintaining the matrimonial home a Mortgage can usually be sourced from a range of Non Income Verification Mortgages or Self Cert Mortgages.

Alternatively, with the our help we show separating couples how to release equity, divide the property when the market picks up and still move on to pastures new.

So if you are in need of Mortgage Refinance to pay off your ex-spouse or a Divorce Mortgage – it’s simple when you speak to one of our advisors. They will be helpful, courteous and sympathetic to your needs and will seek to find you the best rate in the market place for a Refinance Mortgage or Divorce Mortgage.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

The overall cost for comparison is 7.0% APR. The actual rate payable will depend on your circumstances. Please ask us for a personalised illustration. A fee is chargeable only on completion, typically 2% of the loan amount depending on your circumstances (subject to a minimum of £1,995 and maximum of £2.995). For a mortgage of £100,000 the fee would be £2,000. Early repayment charges may apply and will vary depending on the mortgage.

Adding existing debt to your mortgage will increase both the repayment term and the overall cost.