If you want to command the mortgage in your name alone, the lender will expect you to make sure that you can afford the payments. Under Financial Conduct Authority (FCA) rules, lenders must ask in-depth questions and carry out more checks to ensure that you can afford a mortgage. That’s actually the case for all mortgages and all lenders abide by the new approach that followed the Mortgage Market Review – that includes stress testing the financial element of your application on the assumption of future interest rate rises.
This is a difficult time for splitting couples
With both sides eager to move on with their lives. Splitting previously entwined financial resources, assets & commitments is just one part but it’s the part we can help with and ease your transition to your future life.
We have the skills, knowledge & experience
To be able to access to lenders who will present you with the opportunity to capital raise to pay your partner for a divorce settlement or partner buy-out, leaving the property in your name.
If you can’t afford to take over the mortgage, you might be able to get a ‘guarantor mortgage’. This is a mortgage where a close relative (or your ex-partner for this matter) agrees to guarantee the mortgage will be paid if you are unable to do so.