Divorce Mortgage Advisors

What Happens to a Joint Mortgage When You Get Divorced? 

Dividing a jointly owned home during a divorce can be challenging. At Bell Financial Solutions, we're here to offer clear guidance and help ease some of the pressure during an already emotional time. 

We understand the difficulties you may be facing and aim to offer a respectful, compassionate service throughout. 

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Talk to your lender: Let them know your relationship has ended.

1. Apply for a solo or joint remortgage: Decide whether one person stays on or you both remain responsible.
   
   
2. Agree asset division: Decide who keeps the property or if it’s sold, and how proceeds are split.
   
   
3. Remove or add names: Formal mortgage changes may require approval, credit checks, and an affordability review.
   
   
4. Arrange a transfer deed: A legal document that changes the ownership structure if one party is bought out. 

Each step involves financial and legal checks. A divorce mortgage advisor can guide you through lender rules, affordability assessments, and paperwork.

Can I Stop Paying My Mortgage?

Even if you’ve separated, you're still legally responsible for the mortgage if your name is on it. This applies whether you’re living in the home or not. If you stop making payments, your credit score could be damaged, and the lender may begin repossession proceedings. This can impact both parties named on the mortgage. 

If you’re struggling to keep up with payments during your divorce, speak to your lender as soon as possible. They may be able to offer a payment holiday or a temporary adjustment. 

How Do I Remove My Ex From My Mortgage?

To remove your ex-partner from the mortgage, you’ll usually need to apply for a remortgage in your sole name. This means the lender will assess whether you can afford the repayments on your own, based on your income, credit history, and financial commitments.

Here are the typical steps:

1. Speak to your current lender – Ask whether they’ll allow a transfer of equity and assess your eligibility to take on the mortgage solo.
   
   
2. Get a property valuation – This helps determine how much equity you have in the home, which is important if one person is buying the other out.
   
   
3. Apply for a remortgage – You may stay with your current lender or switch to a new one if the terms are better or more suitable for your situation.
   
   
4. Instruct a solicitor – Legal work is required to update the property deeds and remove your ex-partner’s name from both the mortgage and the Land Registry.
   
   
5. Agree on equity and terms – If there’s equity in the property, you’ll need to settle how it will be divided. This is often done with legal support or as part of a divorce settlement.

If your income isn’t high enough to take on the full mortgage, your lender may reject the application. In that case, you might need to sell the home or explore other options, such as a guarantor mortgage or a joint borrower, sole proprietor arrangement.

How Do I Remove My Name from My Ex-Partner’s Mortgage?

Removing your name from your ex-partner’s mortgage usually involves a process known as a “transfer of equity”. This means your share in the property is legally transferred to your ex-partner, who becomes solely responsible for the mortgage. 

A lender will assess whether your ex can afford the mortgage on their own. This involves a full affordability check. To check whether you can afford repayments on your mortgage, use our mortgage repayment calculator 

If the lender is satisfied, they may approve the transfer. You’ll also need a solicitor to handle the legal side of removing your name from the deeds. If your ex is unable to take on the mortgage alone, refinancing or moving house may be the only other option.

What if the House Is in Negative Equity?

If your property is in negative equity (meaning the mortgage is worth more than the current value of the home), it can make dividing assets during a divorce more complex. Selling the property may not cover the outstanding mortgage balance, leaving both parties liable for the shortfall.

Here are some possible options:

Keep the Property and Continue Payments

Some couples decide to keep the property and continue making payments together until the value recovers. This may be a short- or long-term solution, depending on the housing market and your financial situation.

Transfer Ownership to One Party

One person might agree to take on the full mortgage and stay in the property, often to wait until it returns to positive equity. Lenders will need to assess affordability for this to happen.

Sell and Share the Debt

If you decide to sell, any shortfall on the mortgage will need to be repaid. Both parties will usually remain jointly responsible for this debt, unless one agrees to take it on solely, something that must be agreed in writing and approved by the lender.

Speak to Your Lender

Some lenders may offer temporary solutions, such as payment holidays, interest-only periods, or support for people in financial difficulty. It's always worth contacting them to explore your options.

Why Work With a Specialist Divorce Mortgage Advisor?

Our professionals can bridge the gap between financial and legal needs:

• Match mortgage deals to individual circumstances and terms
• Help restructure ownership to reflect settlement agreements
• Clarify affordability and minimise upfront or hidden costs
• Coordinate with property solicitors and mediators

Working with a specialist means your financial arrangements support your divorce settlement, saving time, worry and expense.

How Can Bell Financial Solutions Help?

We understand how overwhelming it can be to deal with a joint mortgage during a separation or divorce; both are among the most stressful life events. 

A mortgage broker who understands the emotional and financial pressures involved can be a real source of support. They can explain your options clearly, offer personalised advice based on your situation, and help you find suitable lenders. Our mortgage brokers can also negotiate with lenders on your behalf and guide you through the paperwork, making the process more manageable during a difficult time. 

Fill out our contact form today or call us: 0161 791 4757 to see how we can help.