Divorce
Mortgage during divorce, what now?
A divorce can have a major impact on your financial situation. Therefore, it is important to carefully consider what is possible and responsible. Sometimes one of the partners wants to continue living in the home; in other situations, the partners decide to sell the home, or one partner must buy out the other.
Good to
know
Read here what you need to take into account regarding a mortgage and a divorce.
The lender assesses that one income is sufficient to cover the mortgage costs. The mortgage must then usually be transferred entirely to the name of the person remaining in the residence. Sometimes a new mortgage calculation is required for this. This is to determine whether the monthly payments remain financially responsible.
When the home is sold, the mortgage is usually paid off with the proceeds from the sale. If the selling price is higher than the mortgage, equity arises. If the mortgage is higher than the selling price, a residual debt may arise. This is usually divided according to the agreements made.
Buying out a partner means taking over the other partner’s share in the home. This is often done by increasing or adjusting the mortgage. The exact options depend on income and the value of the home.
In many cases, it is possible to apply for a new mortgage after a divorce. The lender looks at your current income, fixed expenses, financial obligations, and any alimony that must be included in the calculation. This determines how much you can borrow for a new home.
Personal mortgage advice
A divorce is often an emotional and profound period. That is precisely why we believe it is important to bring calm and clarity to the financial side of things. At Advies van Jord, we take the time to thoroughly understand your situation and clearly explain the options available regarding the home and mortgage.
We look not only at what is financially possible, but also at what is realistic and responsible for both parties in the long term. We work carefully and independently, so that you can make decisions based on clear information. In this way, we help to finalize the mortgage matters in a neat and organized manner.
Rates
OHA
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Advice on release from joint and several liability (divorce)
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Interim consultation on the changing interest rates
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Honest advice about the various options
Key terms
Prepayment Penalty
Release from Joint Liability (OHA)
Residual Debt
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