What happens to your property after your divorce? FAQs

We've addressed some of the most frequently asked issues, but if there's anything more you need to know about how divorce will impact your mortgage, please get in touch. One of our specialist mortgage advisers will be able to put you on the right path.

Who has the right to the property?

Unfortunately, there is no simple answer to this. It depends on a variety of issues, but ultimately, the courts' goal (if children are involved) is to ensure that any children under the age of 18 have a safe place to reside.

I'd like to leave the house to my spouse so that they may continue to live there with the kids, but they can't afford the mortgage on their own. What are our options?

First and foremost, your spouse should check with The Citizens Advice Bureau to discover whether they are eligible for any assistance. Once they know how much money they will have coming in, they can determine if they will be able to fulfil the mortgage payments. If there is still a shortage, you can sustain your family while contributing to the remainder. Alternatively, the house will have to be sold if you cannot pay the additional expenditures.

Since my spouse and I are divorcing, I must apply for a mortgage by myself. How can I go about doing that?

Whether you're remortgaging to buy your ex out of your existing home or seeking to purchase a new house of your own, it's better to get yourself financially structured as soon as you can to determine how much you can afford. If you wish to apply for a mortgage while working, you will need:

• Payslips for the last three months (plus any commission or bonus statements)
• Bank statements from the previous three months
• Most recent P60

If you are self-employed and wish to apply for a mortgage, you’ll require the following:

• Three years’ worth of accounting (two is acceptable for certain lenders, but three is preferable)
• Three years' worth of your SA302, an HMRC record that shows how much tax you've paid on your income
• Personal bank statements from the previous three months

You’ll also need two utility bills to establish your present residence, regardless of whether you are employed or self-employed, along with either your passport or birth certificate, and the documents listed above. Making sure you are on the electoral roll and that your credit score is as good as it can be can also increase your chances of getting approved for a mortgage.

A qualified mortgage adviser will be able to walk you through the entire mortgage application process, speaking with lenders on your behalf to find the right mortgage for your circumstances. You can also contact your current mortgage lender directly and explain the situation to see if they can help you.

I'm getting divorced and in my early 50s. Now that I'm beginning again, I need to purchase a new residence. Will I still be eligible for a mortgage or have I reached the age limit?

If you do your research, you might be able to locate a bank or building society that will lend to you. This is because different lenders have varied maximum age limitations, while others don't have any at all. If you plan to borrow money in your later years, it's important to demonstrate that you will be able to make mortgage payments when you retire, and that you will have a steady source of income, such as a pension or investments.

I'm purchasing my ex out of the home we shared. Is there any Stamp Duty due?

No Stamp Duty (SDLT) is due on the share of the property that the ex-spouse effectively purchases from the other in a divorce where one spouse buys the other out of the marital residence. If you were cohabiting and not married, things would be a little bit different, since Stamp Duty would then be due on the share of the property that you are purchasing from your ex. To fully understand your personal SDLT requirements, speak to a solicitor. 

Despite working full-time and paying my ex-partner's maintenance for our children, I need to obtain a mortgage on my own. Will this compel a lender to lower the amount they might lend me?

The quick response is most likely, yes. A lender will consider any child or spousal support as a committed expense, and this is likely to affect how much you may borrow. Getting approved for a mortgage is dependent on your capacity to meet the repayments, as with any other committed outgoings, such as utilities, loan repayments, etc.

I don't have a full-time job, yet I need to acquire a mortgage on my own. My ex-partner gives me child support for our kids. Will a lender consider these payments when determining how much they could let me borrow?

It is still feasible to obtain a mortgage if you only work part-time. Some lenders will also take maintenance payments into consideration, especially if they are granted by a court and specified in a court order. 

However, it might depend on the age of the children and how long the maintenance payments will be provided if they are related to children. When determining how much they would loan to you, certain lenders may additionally take into account additional sources of income, such as Working Family Tax Credits and Child advantages.