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What really happens when divorcing couples decide to sell the family home? In this practical episode, we’re joined by Darren Small, mortgage expert and founder of Eddge, who brings over 25 years of experience from both the broker and lender side of the mortgage industry.
We explore the financial and logistical implications of selling a shared property during divorce — from what to do if one spouse wants to keep the home, to how joint mortgages are settled when a sale goes ahead. Darren sheds light on refinancing options, affordability on a single income, and how the proceeds of a sale are typically divided. We also cover lesser-known pitfalls, such as early repayment penalties, how your credit score could be affected, and what to keep in mind if you’re hoping to buy a new home afterwards. Whether you’re considering a buyout or heading towards a sale, this episode will help you understand your options and avoid common financial mistakes during this critical stage of separation.
We discussed:
⭐Options when one spouse wants to keep the house
⭐What happens to the joint mortgage when selling
⭐How selling impacts credit scores and borrowing ability
⭐Penalties and fees for early mortgage repayment
⭐Planning to buy again after selling
⭐What if one person stops paying the mortgage before the sale?
Ready to make informed decisions about your next move? This episode is a must-listen.