One of the hardest things to sort out in a divorce in today’s economic climate is a mortgage. Mortgage lenders are a lot more prudent about who they lend to these days, and not all lenders have the same criteria.
Back in the days of the housing boom, there were more mortgage lenders than you could throw a stick at, but in today’s market, you really have to have access to the whole of the market to know which lender will lend to who.
Getting mortgage advice in a divorce does not have to be a nightmare if you get the right advice.
The biggest problem, is where your income comes from. Many women for instance might have a salary but will also have a mixture of tax credits and benefits. Some lenders will take some benefits into account, and some won’t.
The obvious choice is to go back to your existing lender and see if they will allow you to take the mortgage over.
This is a mistake as you will be restricting yourself. Our advice is that you have to find a qualified and Independent Financial Adviser that is experienced in dealing with divorce cases and has access to the whole of the market.
The days when any Tom Dick or Harry can dispense mortgage advice are long over and in order to practice as an IFA you have to gave passed a raft of complicated examinations, dealing with financial products and of course ethics.
At Divorce-Online we have been working with an IFA for many years who has found our clients the most suitable mortgage products for them, based on affordability, flexibility and lender criteria.
If you would like our mortgage adviser to hep you find out what you might be able to afford to borrow, then contact us on 01793 211 211 or complete the divorce mortgages contact form