DIVORCED MORTGAGE SPECIALIST

Yes, the great news is you can get a mortgage after divorce! Lenders usually look at your current financial situation, credit score, and employment status when considering applications for a mortgage. Before applying, make sure that you can afford the mortgage payments and that you have enough money saved for a deposit.

It is often beneficial to get pre-approved for a mortgage before you begin looking for a house. We would recommend speaking to one of our mortgage broker team experts to discuss your options. With some planning and preparation, you can secure a mortgage after divorce!

Divorce can have a significant impact on an individual's ability to qualify for a mortgage.  Lenders typically consider many factors when assessing a borrower's application, and the financial implications of a divorce can be a major factor.

If a borrower's credit score has suffered because of the divorce, they may have difficulty qualifying for a mortgage. Additionally, lenders will consider the individual's income, assets, and liabilities when deciding whether to approve a mortgage loan.

However, here at ams: we can help! As mortgage specialists, we advise divorcees on how to get approved for a mortgage after divorce. We have access to a portfolio of compassionate lenders, and we will be able to advise on the best path forward.

The majority of lenders will ask for proof of income from your self-employed work dating back two or three years. The amount of time you need to be self-employed to qualify for a mortgage varies depending on the lender and the type of mortgage you are seeking. However, some organisations will be willing to lend if you only have one year’s worth of accounts to show.

To give you an idea, here are some of the documents needed:

• A copy of the Decree Absolute or Final Order must be provided, which is the document that officially ends a marriage or civil partnership
• Evidence of a change of name is also required, such as a deed poll or marriage certificate
• Financial documents such as evidence of income, bank statements, and proof of address must be provided
• Applicants may also need to provide a divorce settlement agreement, which outlines the financial arrangements between the two parties
• If there is still a matrimonial home, proof of ownership will need to be shown

Why not speak to us at ams: about getting a mortgage after divorce? We will guide you compassionately through the application process.

Get competent mortgage guidance! Our ams: divorce mortgage specialists have helped countless individuals secure mortgages after going through a divorce. We are familiar with and compassionately manage the nuances and challenges of post-divorce mortgage applications. Therefore, get in touch with our team to progress your application.

After a divorce, you may be eligible for several different types of mortgages in the UK, such as a traditional repayment mortgage, an interest-only mortgage, an offset mortgage, or a flexible mortgage. Why not also browse through our range of available specialist mortgages? We advise speaking to one of the ams: team who will be able to provide the advice you need.

Owning or part-owning a marital home in the UK should not directly impact your ability to obtain a mortgage for a new home. However, lenders may consider the fact that you own two properties when assessing your application. It is important to ensure that you can afford the costs associated with owning two properties, such as mortgage payments, taxes, and upkeep costs, before applying for a mortgage. Our ams: divorce mortgage specialists would assess affordability and your ability to repay a second mortgage as part of the application.

Yes, it does. If you are considering purchasing a home after going through a divorce, it is important to understand how your credit score may affect your ability to secure a mortgage.

One of the most crucial elements that lenders consider when assessing a loan application is your credit score, so it is important to ensure your credit is in good standing before applying for a mortgage. If you are unsure about how your credit score may impact your eligibility for a loan, it is highly recommended that you speak to one of our mortgage brokers for advice.

Why not read our low credit score mortgage service offering for further details?

A guarantor is sometimes necessary to get a mortgage after a divorce, depending on the lender's requirements. This is not always necessary though, the lenders we work with will assess your financial circumstances and determine whether you can afford to make repayments.

For some applications, a guarantor may be useful to give the lender confidence that in the event of a default, they would still receive payment. The guarantor is likely to be asked to cover the mortgage payments if the borrower is unable to make them.

A guarantor is typically a close family member or a trusted friend who is financially stable.  The best way to determine if a guarantor is needed is to speak with an ams: divorce mortgage specialist, who will be able to advise on whether a guarantor is needed (or not).