Post Separation Mortgage Surrey, Vancouver BC

Separation Mortgage Options

Spousal Buyout Mortgage

When facing separation or divorce, the assets are divided equally in most cases, typically, the largest asset to be dealt with is the marital home.

Selling the marital home is one option
to divide the sale proceeds and the other option
is for one spouse to buy out the other.

Should you want to take advantage of the Spousal Buyout Mortgage it is important to remember your existing credit obligations must be paid as agreed on time, regardless of your differences with your ex-spouse/partner, if you want to qualify for a mortgage in the near future. Your credit bureau is still tracking your payments so it is important to keep your credit record clean. A missed payment on an account can negatively impact your ability to qualify for a mortgage.

Secondly, it is a good idea to open new bank accounts in your name only.

Thirdly, you must have an Agreement to Purchase the home in place and a separation agreement itemizing all the debts that will be paid out and the dollar amount the ex-spouse will be receiving from the buyout. The lender will require the details of the financial obligations between the two parties in the separation, so this is a matter of priority when applying for a mortgage during separation or post divorce.

Seek the advice of a Mortgage Professional
If you are seeking a mortgage
during separation or post-divorce


The good news is, with CMHC’s Spousal Buyout Plan you can access up to 95% of the value of your home, based on the appraised value under the current qualifying criteria.

If your spouse is buying out your equity of the property, get confirmation from the lender that you are not on the title of the property or on the mortgage. You can’t be on the mortgage if you have not consented, but it is only prudent to make sure you are not associated with the marital home any longer.

Navigating your way through a separation and divorce is not pleasant even if amicable, best to get the advice a mortgage professional early on to ensure you understand the process and have time to manage any obstacles that may arise.

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