Separation during a mortgage can be an emotionally draining and difficult experience. It's essential that each spouse understands their rights in regard to the ownership of any jointly held property. If one person has a higher financial contribution to the initial property purchase but the other was to start contributing more to the mortgage itself further down the line, the agreement with the solicitor can be amended accordingly to provide a fairer split.

If you are unsure of your share of the property you can check the land registry online, this costs £3 but it is worth paying for your peace of mind, especially if you decide to sell the property.

For more information visit the Government website here

Mortgage repayments

If you are going through separation or divorce proceedings that have begun whilst a joint mortgage is in place, it is important to still keep up with your mortgage repayments as it will negatively impact your credit file if any missed payments or late payments are noted.

Joint mortgage ownership

In most cases, couples hold joint tenancy agreements, meaning that rather than dividing up the property into quantified shares, both parties own the entire property and are equally responsible. In this situation, any proceeds from the sale of the property are split 50-50, with one party needing to buy out the other half if they want to remain in it.

If partners cannot come to an agreement regarding their shares, then legal action may become necessary as a last resort and a court order can decide on a different split or force the sale of the property.

In other cases, couples may register as tenants in common, which allows them to divide up the ownership of their property from the outset and adjust it over time depending on contributions made to the property. A solicitor can help with this process as well as any further legal issues that arise during separation.

For more information on joint ownership, visit our page here

Options to consider

There are a few options you could consider:

• Selling your home
• Buy out your ex-partner
• Pay off the mortgage
• Both move out and use the property as a buy to let

It is important to weigh up all of your options when dealing with your finances and speaking to the relevant professionals to make sure you are getting correct and accurate advice, this will help you if both people can't agree amicably on a solution for the property/mortgage. Independent legal advice may be beneficial if a joint solution can not be reached.

A mortgage broker may be able to find you a new mortgage deal or help you remortgage if you remain in the property or if you decide to purchase a new property. If you are looking for a new mortgage after a separation you will need to fit the lender's affordability criteria and other eligibility criteria they may have.

No matter what, it is important to remember that each partner has rights and should be aware of them during a mortgage separation. Seeking legal assistance if necessary can ensure that any disputes are resolved in the fairest and most equitable way possible.

If you are looking for a single person mortgage after a divorce or separation, call us today on 0151 662 0188 or email [email protected]