THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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. Self employed with no accounts
. Low net profits
. Self assessment
. Recently self employed
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Mortgages & Divorce
Getting divorced is an extremely stressful time, and one of the biggest headaches facing you is deciding what to do with your mortgage on divorce. You should consider the following:
Switching your mortgage into one name
It is likely that your mortgage is currently based on joint incomes and therefore taking away one of these incomes may not leave enough to convince the lender of your ability to repay the mortgage. Options to consider are to ask someone else to go on the mortgage with you. This could be a parent, who would be known as a guarantor. In the event that you are unable to keep up your payments at any point in the future, they are guaranteeing that the payments will be made. You could also extend the loan term reducing monthly payments, but this would only be relevant if you have significantly less than 25 years to run on your mortgage.
Remortgaging
You could consider remortgaging if you have significant income to take the mortgage on by yourself. When you remortgage it is possible that you could get a better interest rate which will reduce your monthly payments. You should, however, take into account the costs involved and ensure that these are clearly explained to you before you start this process.
Seek professional advice
This should be from a solicitor and a mortgage adviser.
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