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Hello everyone - first time poster, and please forgive me if this is not in the correct 'Topic' section. My question is regarding the likelihood - or otherwise - of obtaining a mortgage whilst going through a divorce. To explain - my (new) partner and I are now renting a house, having left our respective spouses. We both have houses that are paid for, no outstanding mortgages, and I have a 13 year old daughter now living solely with my wife - I have not had contact with her since being asked to leave home last December, as i do not want her to be in the middle of a tug-of-war - however, my solicitor is now requesting some sort of access. I have two other daughters, aged 21 and 18 - the elder is now renting with her boyfriend, the 18 yr old working, but still living at home.
As both myself and my partner will have, eventually, a proportion of both of our houses coming to us - whether our spouses decide to either sell or re-mortgage - can I use this as some sort of 'collateral' on which to get a mortgage? In other words, will mortgage companies accept this as a basis to issue a mortgage to us?
Thanks 🙂
Hello Nirwanda,
Until you know what percentage of the equity in your house is solely yours, I don't think you could use it. Added to which your wife has in interest in it and there needs to be provision made, first and foremost, for your daughter's need to have a home.
I may be wrong but under the circumstances you describe, I cannot think you would be able to use it as collateral for a mortgage because if you were to renegue on the mortgage payments, your house (which you own now) is not readily available for the mortgage company to recoup any loss or shortfall should the need arise.
I wouldn't have thought so. I think you ought to take legal advice on that.
Hi There,
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I tend to agree with the above, I think getting a mortgage wouldn't be an issue as long as you had a deposit, I don't think they would accept the equity in the properties you both own as a deposit (if that was your question) as mentioned above the money is available at the moment so can't be used.
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The fact you both have clear mortgages on houses should go in your favour as long as you don't either have any other debts as it shows a payment history.
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GTTS
I'm just going through a divorce now, and both myself and my soon-to-be ex had no problems at all in getting a divorce - probably worth going through a decent broker.
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