Separating and buying as a new starter.

B

Blackwexford

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Hi all.
Has anyone gone though buying a house as a new starter after separation. Finding it difficult to get information, I am only at the start of the process and will have about 70% of the property price when ready. I am waiting for an appointment with a mortgage broker. Anxious time ahead. Thanks for any advice.
 
From a lender's perspective, you will be assessed like any other borrower, especially if you're putting up a sizeable deposit. Things that might be relevant here...

  • How is your credit history? Any late payments on other loans? It can sometimes happen that things can get missed during a separation process, e.g. if spouse was supposed to keep up payments for a loan but didn't and it was a joint loan.
  • Are you still named on a mortgage, even if you don't live there anymore and your ex is keeping up the repayments?
  • Are you still named on any other loans, even if you're not the one making the repayments?
  • Have you an ongoing commitment to pay maintenance or future expenses? A lender will want to see the written separation agreement and will take such things into account.
  • How old are you? Mortgages tend to be repayable no later than 68, although there are a few lenders that will go to 70 and even 80 in limited circumstances.
 
Thanks Dave. Everything is in both name and split 50/50. She has agreed so thats something. I have been told we will qualify as new starters, just like others I have heard off struggling to get information on what this means when we buy separate houses.
 
Blackwexford said:
Everything is in both name and split 50/50.
Click to expand...

If there are mortgages and loans that you're still named on, then these will be counted by a lender in their assessments of a new mortgage application, unless you're clearing off the old mortgage and loans before or at the same time as getting a new mortgage.
 
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