Mortgage Broker – Helping You Make A Fresh Start

There are few if any more stressful experiences than a marriage breakdown. Amidst all the emotional upset, financial affairs might be the last thing on your mind.

But it’s a sad fact that if you let things slide at this stage, you could find everything is much worse further down the line. It really is advisable to find a sympathetic mortgage broker at an early stage, so that you can be helped to sort things out at your own pace, rather than in a panic.

• Many couples co-own their home on a joint mortgage. If sadly there is a breakdown, you need the advice of a mortgage broker to help you work out how to keep up the repayments and how to refinance your existing arrangement.
• You may have decided that one partner should remain in the house while the other moves out. In this case, the one who is staying needs advice from a mortgage broker about how to buy the other one out. This includes working out how much the other one’s share is worth and advice on how to avoid missed payments while the transition is in progress.
• It may be that one partner has not been receiving a salary because of staying at home to care for the children. Obviously, the first consideration in any settlement must be to make sure the children still have a home, so the partner who will be providing the majority of care for the children will be the one who remains in the house. In this case, the one moving out may be forced to downsize considerably. A mortgage broker may be able to assist in finding suitable properties for the little money that is available.
• Some married couples find that one partner takes charge of financial arrangements. If there is a split, the other partner often feels vulnerable because of not being used to dealing with finances. If you are in this position, and you need to look for a new mortgage, a mortgage broker can provide plenty of sympathetic advice.
• A divorce can often leave you in a difficult financial situation. It may be possible to find a “divorce mortgage” which will enable you to minimise your monthly payments for a period, until you can sort yourself out. A mortgage broker is the best person to help you look for this kind of arrangement.

It’s a sad fact that a high proportion of marriages will end in divorce. There is a lot of sadness and turmoil at this time, but talking to a sympathetic mortgage broker at an early stage can help to ensure that financial upset is minimised.

Sean Horton is a Director of Enhanced Wealth Limited who are a specialist mortgage broker