Paying the Mortgage After Separation

Paying the Mortgage After Separation

For some of our customers, paying the mortgage after separation is their key concern. They come to Clever Mortgages, wanting to break their financial ties with a previous partner. In this guide we’ll look at:

  • How we helped our customer with paying the mortgage after separation
  • Making sure he also realised his goal of bringing down his mortgage term – so will become mortgage free sooner
  • Why using a mortgage broker can help make remortgaging a hassle-free process

Paying the mortgage after separation:

With Clever Mortgages, we were able to help Mr H with:

  • Paying the mortgage after separation – making him financially free from his previous partner
  • Bringing down the mortgage term by 9 years – meaning he’ll be mortgage free by the time he retires
  • Consolidating his secured loan – so he only has one monthly payment to make instead of two

 BalancePaymentRateTerm
Current Mortgage£194,976£9413.99%24 Years
Current Secured Loan£26,458£2737.91%24 Years
New Mortgage£222,429£1,4201.89%15 Years

Completed 08/10/2018

Our client had a mortgage on his home with his ex-partner – he wanted to remove her name from the mortgage, and consolidate his secured loan. He had a budget of £1500 per month, which was slightly more than he was paying for the two products at the time – but for the increased payments, he wanted to reduce is mortgage / loan term significantly – so that he would be mortgage-free by the time he retired.

We were delighted to be able to take the hassle away from the remortgage process for Mr H: He just had to tell us some details about himself and his financial situation, and discuss the goals he had for his remortgage.

We found a great deal with a trusted lender, and were able to get the mortgage with him as a sole applicant, meaning he was no longer financially tied to his ex-partner. We were also able to reduce the term of the mortgage by 9 years, all whilst keeping well within his £1500 per month budget.

Paying the mortgage after separation:

With Clever Mortgages, we were able to help Mr H with:

  • Paying the mortgage after separation – making him financially free from his previous partner
  • Bringing down the mortgage term by 9 years – meaning he’ll be mortgage free by the time he retires
  • Consolidating his secured loan – so he only has one monthly payment to make instead of two

Previous Mortgage

Balance £93,360
Payment £803.00
Rate 4.99%
Term 13 Years

New Mortgage

Balance £93,360
Payment £678.56
Rate 2.14%
Term 13 Years

Completed 05/06/2019

Our client had a mortgage on his home with his ex-partner – he wanted to remove her name from the mortgage, and consolidate his secured loan. He had a budget of £1500 per month, which was slightly more than he was paying for the two products at the time – but for the increased payments, he wanted to reduce is mortgage / loan term significantly – so that he would be mortgage-free by the time he retired.

We were delighted to be able to take the hassle away from the remortgage process for Mr H: He just had to tell us some details about himself and his financial situation, and discuss the goals he had for his remortgage.
We found a great deal with a trusted lender, and were able to get the mortgage with him as a sole applicant, meaning he was no longer financially tied to his ex-partner. We were also able to reduce the term of the mortgage by 9 years, all whilst keeping well within his £1500 per month budget.

We’ve helped 1000s of customers, with paying the mortgage after a separation.

We help customers achieve their remortgage goals, and we know the best lenders and products to look to for each individual situation. We could give you the best chance of getting on a great remortgage deal, even if you’re:

  • Needing a mortgage after an IVA
  • Looking to remortgage with a debt management plan
  • Worried about other defaults on your credit file
  • After a bad credit self-employed mortgage

Enquire with us about getting a remortgage with bad credit, and we could:

  • Search for the right deal for you, even if you’ve got a poor credit history – many of the customers we help have found themselves in a bad credit situation, and might have been on a Debt Management Plan or in an IVA.
  • Discuss with you the different options available for meeting your specific goals – we can discuss your individual goals for remortgaging with you, and take the hassle away from the remortgage situation.
  • Make sure your application goes to the best lenders for you – not all lenders offer mortgages to people with a bad credit history, but we know which ones are most likely to say “yes”, and to give you a good rate when they do.

Why should I use a mortgage broker for my remortgage?

  • You’re likely to only have to do one application – this will save you time, and more applications from being recorded on your credit file
  • Brokers can advise on what would improve your chances for achieving a specific mortgage goal – e.g. finding a guarantor or opting for a joint mortgage
  • They can take the hassle of application forms away – talking you through every step, and asking all the right questions

What next?

If you are looking for expert advice on getting a remortgage with bad credit, contact our team today. We are experts in offering solutions to people with bad credit and can help if you need a hand with your next move.