Taking on a mortgage after a divorce

[anonymous-user]

Hi

A husband and wife client of mine have a mortgage with me and are splitting up. I am a little out of touch with what other lenders stance would be but would be interested in hearing what fees they would be likely to levy for one client being removed from the mortgage and the security amended accordingly.

Would they be allowed to keep their current deal, would the fee be the same as a new mortgage or simply a management fee to cover the admin assosiated.

I am in the fortunate position of being able to charge as I see fit, but wanted to ensure that I was in line with the current market.

Thanks

[51mes]

I went through this nearly 18 months ago,

I managed to get my mortgage lender to remove the ex from the mortgage and kept my current deal I had to pay the arrangement fee for a new mortgage but not the booking or reservation fee, they wanted a new valuation as we didnt have a current one. I was means tested on the new mortgage...

They did all searches again - apparently to ensure that the wife hadnt taken any credit secured on the house..

I got it all tied in with the solicitors handling the divorce so as the divorce came through the mortggage was transferred and the swt got her payout...

Simes.

Edited by 51mes on Tuesday 15th December 19:25

[JonRB]

51mes said:

I went through this nearly 18 months ago,

I managed to get my mortgage lender to remove the ex from the mortgage and kept my current deal I had to pay the arrangement fee for a new mortgage but not the booking or reservation fee, they wanted a new valuation as we didnt have a current one. I was means tested on the new mortgage...

They did all searches again - apparently to ensure that the wife hadnt taken any credit secured on the house.

I've just discovered a similar situation as recounted (ok, ranted) here