Buying following separation

[Beggars69]

Does anyone know of mortgage deals out there for people who are separated, still jointly own (mortgaged) the family home, but need to buy somewhere new?

The family home has plenty of equity but I do not want to secure against it if possible.

I know this is very general and there are lots of specifics, I'm just asking for general pointers. Maybe there are some lenders out there who offer "Getting on with your life" deals?

Many thanks.

[Enness Private Clients]

There are no specific deals for this, however most lenders will consider so long as you can afford the new mortgage and any current liabilities and can put down a deposit.

[IFA]

As EPC has stated above you will need to be able to show the ability to service the repayments for both mortgages as they are both personal debt.

This is different to a situation where you have other mortgages running on a Buy to Let basis as they would normally be considered to be commercial debt and not accounted for so long as they are self-financed by the rental return.

Another common misconception in this situation is that the lender will only take half of the existing joint mortgage into account. This is not correct. Mortgage contracts usually bind joint borrowers as being "jointly and severally" responsible for the debt, which means that each borrower is fully responsible for the entire amount of borrowing, not just their "share" of it.