UK DIVORCE MORTGAGE QUOTE

We operate a large searchable database of lenders for divorce mortgage quotations and we can obtain extremely competitive interest rates for you no matter what your personal circumstances or previous financial history. Many of the products which we are able to offer do not feature on the High Street and many of our niche lenders are able to offer much better rates than other commercial lenders because they do not have the same expensive overheads. Our telephone operators are available 24/7 to help you with a quotation or alternatively just complete and send our contact form to obtain detailed information on the best product available to satisfy your needs. Most of our lenders are able to offer very fast decisions and will make an offer in principle once that they have all of the relevant information.

There are two common scenarios in regards to applying for a divorce mortgage :-

1. The matrimonial home may have been jointly owned and one partner may wish to leave and to realise their share of the equity in order to purchase alternative living accommodation whilst the other partner wishes to stay in residence and to arrange a transfer of the property into their sole name.
2. The matrimonial home may have been in the sole name of one of the partners and the other wishes to obtain their share to which they are entitled by law notwithstanding the deeds only showing one owner. In this case the property may be transferred outright and the partner who is remaining in residence may then require finance to pay off the other partner.

In either case we are able to arrange a divorce mortgage which may involve a conveyance or a transfer of equity together with a further advance or new borrowing. The term ‘equity’ refers to the monetary difference between the value of the property and the amount of any outstanding mortgages secured on that property. A transfer of equity does not always involve a cash transaction as one of the partners may be willing to transfer the property to the other with no money changing hands however there may be a balance outstanding to a lender and this may need a new mortgage arrangement.

Many of these transfers occur as a result of a court order particularly where children are involved and the partner who is leaving the former matrimonial home may be forced to either transfer their equity in the property or may be forced to convey the property in its entirety to the other partner especially if the other partner has the custody of children. In either case the partner who is transferring the property may still, in accordance with the terms of a court order, retain an interest in that property that cannot be realised until the children leave home or cease full time education.

There are many transfer cases where there is no equity in the property, which may have been recently purchased using a high percentage mortgage and the outgoing partner may simply transfer their share to the other with no money changing hands however the outgoing partner may remain liable on the loan unless new borrowing is arranged in the sole name of the partner who continues to reside in the property. We are able to arrange borrowing on this basis and even if income is not sufficient to justify the loan it may still be possible to arrange using guarantors.