Mortgages & Divorce

If I get divorced and I keep the property, can I change the mortgage to my name only? Will my mortgage conditions be reviewed?

This is a common question, and the answer is that there are at least two scenarios to consider.

Usually, the divorce agreement reflects how the couple’s assets are to be distributed, so it specifies who gets the property and the mortgage.

Banks need a copy of the divorce agreement, or a condominium termination deed specifying which member of the couple keeps the property and the mortgage. It is important that this deed is registered in the official property registry.

The bank is not legally obliged to change the mortgage from joint holders to sole holder, but (subject to a review of the situation and the agreement), a novation will usually be arranged, amending ownership of the mortgage as required. This is quite a straightforward exercise, handled entirely by the bank, removing the need for a notary to be involved.

Note also that the existing mortgage terms and conditions are carried over to the amended policy, an interesting point currently following the increase in interest rates over the past year or so.

Altering the mortgage to sole owner is the most financially advantageous option since it does not entail any extra expense.

Another option is for one of the parties to buy out the other. But in this case, it is necessary (for the buyer) to review currently available mortgage deals and all other expenses associated with purchase, including Property Transfer Tax.

If you have any questions regarding mortgages and divorce, do not hesitate to contact Spectrum International Mortgages. For other divorce related questions, we recommend consulting a lawyer.


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