Divorce & separation
Separating when you have a mortgage
How to decide who gets what and how to separate assets fairly
First, you might need advice on what to do with the house before broaching the subject of wanting to leave, or you are now forced into working out a plan because you have been told things are not working out.
Sadly, most separations or divorces require a solicitor’s advice, which can be crucial to ensure fairness is central to the outcome. When the family home is involved, mortgage advice plays an important role, too. Our experts are here to support you every step of the way.
Frequently Asked Questions
Whatever stage you are at, we have listed some helpful and important questions that we’re often asked as mortgage professionals, that might help you plan the next step and navigate this process with as little stress as possible:
This is usually a good starting place to work out if you can stay or whether you’ll have to sell the home. Thankfully, there are more ways than ever to make it work, including switching to interest only or asking family to help guarantee your payments. Lenders can consider various incomes, including that of friends, family, and even second jobs that you have only had for a short time.
Yes, possibly, particularly if your current lender can lend you what is necessary to buy their equity in the property, but an advisor can explore this with you. This is called “additional borrowing” or a “further advance”, and can be done through a mortgage broker rather than with the lender directly.
This depends, and a thorough affordability check will need to be done to see if your current lender would be willing to do this, but would usually require consent from your ex to do this anyway.
Generally, a mortgage professional starts with an income and expenditure conversation to let you know your maximum borrowing potential, but will also discuss other opportunities to help you maximise how much you can borrow, answer any other questions, and discuss any other concerns.
It’s natural to feel lost, but the first thing you should do is talk about it with relevant parties, including getting good quality mortgage advice, so you can begin to see a clear path ahead to parting ways and having a home to live in.
Contact Wise for a fee-free no obligation chat, where an experienced adviser can help you understand which direction to take concerning your house, mortgage, and other related issues.
How to decide who gets what and how to separate assets fairly
Check out our dedicated page to learn more about mortgages designed for children and parents. In order to boost the income, a lender can consider to help you remain in the family home while combining multiple incomes.
If you are planning to remain in the family home, and want to try to buy out your partner or spouse, then you might benefit from looking at our residential remortgage page, which includes a handy myth-busting section and all other key information!
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Find out how Wise can make the process simple
If you would like to have a fee-free no-obligation chat with us, contact Wise, and a friendly adviser will discuss your options and path forward
