My husband will be moving out after our divorce and I will be staying in the family home with our children, paying the remainder of the mortgage. This is likely to cost me a lot of money and I’m worried that in these times of austerity, payments will be even more difficult to make. Will I have to declare this to my lender or can I remortgage and pay over a longer term?
Your course of action may well be determined to some extent by the terms of your divorce settlement. However, it is very important to inform your lender of the situation. They will reassess your ability to pay the mortgage and you may find that they will extend the term which would reduce your monthly payments.
Both the lender and your ex-husband will need to consent to come off the mortgage. Without knowing your specific circumstances, it is difficult to pin point your best course of action so do get in touch if you need help.
You may well find that remortgaging is the best option as rates are currently very low.
Do get in touch if would like some help on 0345 345 6788.