The word mortgage comes from the Old French ‘mort‘ (death) and ‘gage‘ (pledge).
At weddings, couples often also pledge to stay together ’till death do us apart’.
But things change…
Many couples decide to sell their house after divorce. This also means removing names from mortgages.
But how do you get your ex’s name off your mortgage?
Read on to find out.
Joint mortgage
It is common for couples in the UK to share a mortgage on a property, known as a ‘joint mortgage’.
Both names will be on documentation. This means that you are both responsible for repaying the mortgage on your house.
Even during a separation, you both have a duty to make sure that the mortgage is paid.
If one party (or both) is not making their payments, then your lender can chase that person(s) for payment.
If one joint owner can’t pay the mortgage, both partners credit ratings will suffer. This will make it difficult for you to secure another mortgage in the future.
Get in touch with your mortgage provider
Regardless of the situation, it is important that you contact your mortgage provider. Keep them well-informed about what is happening.
If you suspect that you will fall behind on your payments, then the sooner you contact them, the better.
As long as you communicate consistently, they should be as sympathetic as possible.
Options for mortgage payments
It is common, during a divorce, that your ex-partner refuses to help you pay off the mortgage.
While this can often damage their credit score as much as it affects yours. Sometimes during the turmoil of a divorce, they don’t care.
In this scenario, your lender can give you a couple of repayments options.
Mortgage payment holiday
This is an agreement where you are permitted to not make payments for a period (typically a few months).
However, lenders only permit it if you have an excellent track payment track record.
You will then agree what your mortgage repayments will be after the ‘holiday’ period is over.
Reduced payment period
As a second option, your mortgage lender might allow you to make smaller payments for a while. This gives you time to create a plan.
Your mortgage options
Carry on paying your mortgage
During a divorce, it is preferable for you to continue to pay off your mortgage.
If you are on friendly terms, then reaching a fair resolution over the mortgage. – along with other major factors such as children and significant belongings – is essential.
Transfer sole ownership
Depending on your financial situations, one of you may be able to buy the other person out of the mortgage. This will involve transferring the property and mortgage into one name.
Your mortgage lender will want proof that the remaining occupant can afford the mortgage. If not, they will usually require you to pay off the entire mortgage up-front, or sell it.
Can I sell my house before divorce?
Yes, you and your ex-partner can sell the house before the divorce if you are both in agreement to do so.
If you own the house in a joint mortgage, split equally, then you will both need to agree about this before you proceed.
Selling your house can give you and your ex-partner the ‘clean break’ that you need.
Once you sell the property, any outstanding debt will be taken away from the final sale price. The amount remaining after that will be split between you and your ex-partner.
How to sell a house during a divorce
It is not always easy to sell a house during a divorce.
If you and your ex-partner are not on speaking terms, then it may be through emails or legal representatives that communication is made. In this instance, you might want the sale to be completed as quickly as possible.
When you use a typical high street estate agent to sell your property, it can sometimes drag on for several months. This is not an ideal scenario when you want to cut ties with your ex-partner.
In this instance, selling to a cash house buyer like We Buy Any Home is often ideal, as we can complete the purchase of your property within 7 days. This can give you the fast, clean break that you want.
No joint mortgage
If you do not have a joint mortgage and it’s only their name on the paperwork, it does not necessarily mean you aren’t entitled to anything.
In the UK, a family property is generally considered to be a ‘joint asset’. means that if you are married, the matrimonial house belongs to you both.
The only time there may be an issue is if your ex-partner spouse owned the property before you were married.
You should always seek legal support and guidance if you have doubts about where you stand, what happens next or what you are entitled to. Your lender can also help you to understand what the future holds.