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Must a separation agreement be in place to apply for mortgage?

tea and coffee · 2019-01-26 22:34:24

Does a formal separation agreement need to be in place in order for one of a couple to apply for a mortgage?

26-01-2019 11:34pm

#1

tea and coffee

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Does a formal separation agreement need to be in place in order for one of a couple to apply for a mortgage?

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#2 28-01-2019 10:12am

phormium

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I would say generally yes is the answer, otherwise the bank has no clarity on the claims or otherwise a spouse would have on any new property even if in sole name.

They might process and approve a mortgage with a condition on it that drawdown would be subject to the separation agreement but are unlikely to actually allow drawdown without the agreement.

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#3 28-01-2019 12:46pm

Trish56

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Yes a copy of your legal separation must be submitted with your application. If it is in the process of being drawn up it will be conditioned on your 'Approval in Principle'.

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