Mortgage advice from Andrew Milnes for those who are divorcing

If you have found yourself in this situation, you will undoubtedly be wondering where this leaves your family home and, subsequently, your mortgage.

Here are some of the most commonly asked questions around homeownership and separation:

*After divorce, who has priority over the family home? There’s no simple answer. Even if the house is registered in one name, property is typically considered to be a marital asset.

That means if arrangements can’t be made amicably, you may have to go to court, whose priority will always be to make sure any children under 18 have a secure home to live in.

*I want to stay in the house, but can’t afford it on my own. What are my options?The first port of call is to check what benefits you might be eligible for. Once you have a better overview of your finances, you can calculate your monthly budget and plan from there.

Alternatively, your ex-partner can continue to support your family by paying spousal maintenance. If that’s not an option, you might have to consider selling the property.

There are a number of mortgage options you may be eligible for as a single person. This is why it’s so important to seek expert mortgage advice, so you can ensure every avenue is explored.

*We can’t agree on whether to sell the house or not. What happens now?

If you don’t believe it will be possible to come to a mutually beneficial agreement about whether or not to sell the family home, you may need to get a court order.

A judge will make the decision based on the facts presented to them. This can be costly, both in time and money, and is often stressful for both parties.

*How do I get a mortgage on my own? Whether you’re looking to remortgage to buy your ex-partner out of your family home or invest in a new property, the sooner you can get your finances in order, the better.

Your employment status will have an impact on your affordability, and you will need to gather documentation to support your application.

If you’re employed, you’ll need to present the following: Three months’ worth of pay slips, your last three months of bank statements and your last P60.

If self-employed, you will need: Three years of accounts, three years of your SA302, your last three months of personal bank statements.

If your affordability is in order, the mortgage application process will be the same.

*Does my age impact getting a new mortgage? Every mortgage lender will have a different age limit. A good mortgage adviser will find the best deal.

*Andrew Milnes is head of the Mortgage Advice Bureau, Bingley, tel: 01274 568832