Remortgage After Divorce Settlement - Single Applicant in the Midlands
£218,000 · 18 years · 4.55% fixed 5 yrs. Following a divorce, a homeowner in the West Midlands needed to remortgage the family home into his sole name and raise additional funds to pay a court-ordered settlement to hi...
The Client
Following a divorce, a homeowner
The Challenge
Following a divorce, a homeowner in the West Midlands needed to remortgage the family home into his sole name and raise additional funds to pay a court-ordered settlement to his ex-spouse. The sole income assessment - previously a joint income - and the additional borrowing required careful lender selection.
Our Solution
Doulton identified lenders whose sole income affordability assessment, combined with the low LTV of 55%, would accommodate both the existing mortgage balance and the settlement payment. The court order was provided as evidence of the purpose of additional borrowing. The application was handled sensitively given the personal circumstances.
The Outcome
Remortgage completed. Ex-spouse payment made in full. Client retained ownership of the family home. The 55% LTV enabled a competitive rate despite the change to sole applicant status. Key highlights: Sole income affordability assessed carefully - lender selection critical; Court order provided as evidence for additional borrowing purpose; 55% LTV enabled competitive rate on sole applicant basis.