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Coping financialy with Divorce

If you are going through a divorce or have been through a divorce, chances are you are struggling financially – a remortgage could help.

Divorce rarely comes without major financial fall out – and your family home could be at the centre of the dispute. Divorce is particularly hard when it is acrimonious and feelings are running high. If you and your partner are unable to decide on what to do with your family home, the courts will decide for you. Chances are you could be struggling with debt as a result of your divorce, and if you have decided to keep your home, as a single person your mortgage repayments could shoot up – which is where a remortgage could help.

How can a remortgage help?

A remortgage could release equity that you have in your home to help address your debt or reduce your monthly repayments.

Remortgage and divorce

If you feel forced to sell your home quickly to release equity, then you should look at all the options available to you. If you have a history of bad credit, it can be tempting to give up and think you can’t keep your home because you can’t get a remortgage. But there are remortgage companies out there who have developed remortgages to help people who are in financial difficulties.

Stay in the family home with a remortgage

It is possible to keep the family home and draw up an agreement so that you have a share of the home with your ex partner. As soon as the house is sold, you divide the financial value according to your agreement. This is one way of allowing the children and their primary carer to stay in the family home, while allowing the other partner have their fair share of the property. If you go down this route and have expensive solicitor’s bills to pay, a remortgage could be a suitable solution.

Divorce and financial settlement

If you are going through a divorce, a financial settlement is your priority. It’s often hard however to avoid the lengthy, expensive and stressful court proceedings. If you do end up keeping your property but you need emergency finances to pay for the divorce, you can release equity from your property with a remortgage.

If you are going through a divorce you will need to think about:

Income

if one party earns far more than the other, how will the income be divided?

Pensions

each party may be entitled to pension income from the other

Children

who will be the primary carer and where will they live?

Child support

will there be regular payments to cover the costs of raising the children?

Property

how will the property be divided? Will you be able to afford your old mortgage?

Consolidating your debts by remortgaging may mean you will pay more over the term of the mortgage than you otherise would have.
The overall cost for comparison is 10.4% APR
The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgages.
For mortgage advice we charge a fee which is usually £250.

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