Going Through a Divorce? Here’s How to Work Out If You Can Afford to Keep your Home
Introduction
Going through a divorce or separation is tough enough without the added worry of what happens to your home. If you’re hoping to stay in the family house, one of the biggest questions on your mind is probably: “Can I actually afford this on my own?”
It’s a massive decision, and it’s completely normal to feel confused and overwhelmed. Here’s the good news – there are practical steps you can take to work out your options, and you don’t have to figure it all out by yourself.
I work with people right here who are going through this exact situation. Whether you’re local in Rotherham, or anywhere nationally, I’m here to help you get clarity on what’s possible – with no judgment and no confusing jargon.
Let’s break it down together.
Why This Decision Matters
Your home isn’t just bricks and mortar. It’s where your kids feel settled, where your memories are, and often it represents stability during a really uncertain time.
But keeping the house means taking on the mortgage by yourself (or remortgaging to buy out your ex-partner’s share). That’s a big financial commitment, and lenders will want to be sure you can manage it.
A mortgage loan will be secured against your home or property.
The last thing you want is to fight to keep the house, only to struggle with payments down the line. So working out affordability early on isn’t just sensible – it gives you confidence and helps you make the right decision for your future.
What Do Lenders Actually Look At?
When you’re applying for a mortgage on your own, lenders assess your affordability based on several factors:
A mortgage loan will be secured against your home or property.
1. Your Income
This includes your salary and/or self-employed income, but also things like:
- Child maintenance payments
- Tax credits or Universal Credit
- Any other regular income
Lenders typically want to see that your mortgage payment won’t be more than 4-4.5 times your annual income, though this can vary.
A mortgage loan will be secured against your home or property.
2. Your Monthly Outgoings
They’ll look at your regular expenses:
- Bills (council tax, utilities, insurance)
- Childcare costs
- Car payments
- Loans and Credit card payments
- Day-to-day living costs
Be realistic here. Lenders want to see that you’ll have enough left over each month to live comfortably.
3. Your Credit History
Your credit history matters. This can influence which lenders would consider a mortgage application from you. Lenders specialise in different circumstances, and I can help you find the right one.
A mortgage loan will be secured against your home or property.
4. The Property Value and Equity
If you’re buying out your ex-partner, the lender will want to know:
- How much the house is worth
- How much is left on the current mortgage
A mortgage loan will be secured against your home or property. - How much equity there is to split
The more equity you have, the easier it can be to remortgage.
A mortgage loan will be secured against your home or property.
Remortgaging or taking on a mortgage alone is a significant financial commitment. Ensure you understand the risks and seek independent advice if needed.
A mortgage loan will be secured against your home or property.
Step-by-Step: Working Out Your Affordability
Step 1: Get Clear on Your Income
Write down everything you earn each month. Include your salary (after tax) or self-employed income (what lenders will use can vary; I can help with this), any maintenance payments, benefits, and other income. Be thorough – every bit counts.
Step 2: List All Your Outgoings
Be honest about what you spend. Include:
- Mortgage or rent (if you’re currently paying)
- Insurances
- Council tax
- Gas, electric, water
- Childcare
- Food and groceries
- Petrol or travel
- Phone and broadband
- Subscriptions (Netflix, gym, etc.)
- Any loans or credit card payments
Step 3: Work Out What’s Left
Subtract your outgoings from your income. What’s left is your “disposable income” – this is what lenders look at to see if you can afford mortgage payments.
A mortgage loan will be secured against your home or property.
Step 4: Find Out How Much Equity You Have
You’ll need to know:
- The current value of your home (you can get a rough idea from online valuation tools or book a proper valuation)
- How much is left to pay on your mortgage
A mortgage loan will be secured against your home or property.
The difference is your equity. If you’re buying out your ex, you’ll usually need to give them some f of this equity. Home much depends on the individual situation.
Step 5: Speak to a Mortgage Adviser (That’s Where I Come In)
A mortgage loan will be secured against your home or property.
This is where things get easier. I can:
- Check what lenders will offer you based on your income and circumstances
- Help you understand how much you can borrow
- Produce a mortgage capacity report that shows exactly what’s affordable
A mortgage loan will be secured against your home or property.
This report is brilliant because it’s an independent, professional assessment that you (and your solicitor) can use during divorce proceedings. It removes the guesswork and gives everyone involved a clear picture.
What is a Mortgage Capacity Report?
A mortgage loan will be secured against your home or property.
A mortgage capacity report is a detailed document that shows:
A mortgage loan will be secured against your home or property.
- How much you can borrow
- What your monthly mortgage payments would be
A mortgage loan will be secured against your home or property. - Whether buying out your ex-partner is affordable
It’s based on a full assessment of your income, outgoings, and circumstances. Solicitors and courts recognise these reports, so they can be really valuable evidence if you’re negotiating a financial settlement.
Why It Helps:
- Clarity: You know exactly where you stand
- Confidence: You can make decisions based on facts, not guesswork
- Court-ready: It’s professional evidence if your case goes to court
- Fair settlements: Helps both parties reach an agreement based on reality
What If You Can’t Afford to Keep the House?
If the numbers don’t add up, that’s okay. It doesn’t mean you’ve failed – it just means it’s time to look at other options.
You might consider:
- Selling the house and splitting the proceeds so you can both move on
- Delaying the decision until your income increases (e.g. when child maintenance starts or you get a pay rise)
- Buying a different property that’s more affordable
- Renting for a while until you’re in a stronger financial position
Whatever the outcome, having the facts means you can plan properly and move forward with confidence.
Real-Life Example: Sarah’s Story
Sarah came to me last year. She and her ex-husband were separating, and she desperately wanted to stay in the family home for the sake of their two kids.
She had a decent income, but she wasn’t sure if it would be enough on her own. Her ex was pushing for the house to be sold, and she was starting to panic.
We sat down together, went through all her income and outgoings, and I ran a full affordability check. It turned out she could afford to buy him out – but only if she remortgaged to a slightly longer term to keep the monthly payments manageable.
A mortgage loan will be secured against your home or property.
I produced a mortgage capacity report, which her solicitor used in negotiations. Her ex-husband could see the numbers were realistic, and they reached an agreement without going to court.
A mortgage loan will be secured against your home or property.
Sarah got to keep the house, the kids stayed settled, and she had peace of mind knowing she could manage the payments.
When Should You Get Mortgage Advice?
A mortgage loan will be secured against your home or property.
The earlier, the better. Ideally, you want to get advice before financial settlements are agreed or court proceedings begin.
Here’s why:
- You’ll know what’s realistic before making promises you can’t keep
- Your solicitor can use the information to negotiate on your behalf
- You avoid costly delays or having to go back to renegotiate later
- You’ll have one less thing to worry about during an already stressful time
How I Can Help
I specialise in helping people right here in Yorkshire who are going through divorce or separation. I know how daunting this all feels, and I’m here to make it as simple and stress-free as possible.
Here’s what we’ll do together:
- Have a chat – We’ll talk through your situation in plain English, no jargon
- Go through your finances – Income, outgoings, the lot
- Check your options – I’ll see what lenders can offer based on your circumstances
- Produce a mortgage capacity report – A clear, professional document you can use
A mortgage loan will be secured against your home or property. - Support you through the process – From application to completion, I’m with you every step
And if it turns out keeping the house isn’t affordable right now? I’ll help you explore your other options with honesty and compassion.
Your Next Steps
If you’re going through a divorce or separation and you’re wondering whether you can afford to keep the house, let’s have a chat.
You can:
- Call me for a friendly, no-pressure conversation
- Send me a message on Facebook or Instagram
- Book an appointment at a time that suits you
You don’t have to have all the answers right now. That’s what I’m here for.
A mortgage loan will be secured against your home or property.
Final Thoughts
Going through a divorce is hard enough. You deserve advice that’s clear, kind, and practical – not confusing or full of jargon.
Whether you’re in Rotherham, Barnsley, Doncaster, Sheffield, or anywhere else in South Yorkshire, and beyond our borders, I’m here to help you work out what’s possible and support you through it.
You’ve got this. And I’ve got you.