Separation Mortgage

Our guide to navigating home ownership after marriage

Breaking up is hard — getting a mortgage after a separation shouldn't be.

At Inspired Mortgae we can't fix your relationship, but we can help you build a bright future.


Whether you're legally married or in a common law relationship, having a solid end to end home ownership plan reduces stress and simplifies the separation process.

Want to refinance the marital home? We can help.

In many relationships, the marital home is jointly owned by both partners. Chances are good the home is also the most valuable asset you'll need to deal with during the separation, especially if you live in an area where property values are high.


While simply selling the home and splitting the proceeds is always an option, it might not be the best choice for you or your family. As with all legal matters, it's important to consult with a lawyer before deciding how to deal with your family home.

Buying out your ex?

If you've opted to buy out your spouse and assume full ownership of your marital home, Inspired Mortgage can help.


We'll support your transition from joint ownership to sole ownership with a separation mortgage. This will let you buy out your spouse and preserve the equity you've built up in your home, while maintaining stability for yourself and your family.


Click here to get started. For more information read our guide to our guide to separation, divorce and home ownership.


Separation and Home Ownership Guide.

  • Do I need to have a separation agreement?

    Short answer - yes. 


    Lenders require a separation agreement to confirm any child or alimony payments to be received. These figures are required within the debt servicing qualifications for affordability. Should no alimony or support be payable and there is no division of assets, an exception can be sought by utilizing a statutory declaration signed with a solicitor.

  • Does my separation agreement need to be completed?

    No. We can use an accepted separation agreement that has not yet been executed. The condition will be that the terms of the separation agreement are executed. Additionally, these must be adhered to, by or on your purchase or refinance date.

  • Can I qualify on my own?

    Of course, click any of our "get started" buttons to determine how much you can qualify for. We will or can use alimony or child support payments received or to be received as qualifying income on your application. Conversely, any alimony or child support being paid must be taken into consideration when being qualified. 

  • Do I need to be divorced to proceed?

    No. In Canada, you need to have 12 months of separation before you can apply for a divorce. Therefore you don't have to wait and can apply for a mortgage before your separation is even finalized. 

  • What do I need to provide to show my portion of our assets?

    The division of assets will be outlined within your separation agreement. Any assets that are presently owned that are being used for downpayment will require three months of supporting bank account statements. Any assets being transferred through the separation, require confirmation of deposit into your bank account or RRSP's.

  • Should I have a different broker to my partner?

    No. In fact, to the contrary. We recognize this may be a challenging scenario to communicate with your ex, we remove that requirement of the financing and will adhere to and maintain privacy between parties. 

     

    Having us help both of you ensures both mortgages will close on time, avoiding any issues and delays in closing. 

     

    Should either or both of you require bridge financing, we can ensure a credit solution or strategy is in place to allow this with your marital home as security. This can be a real issue when working with a sizable bridge loan and two varying lenders. 

     

    We'll assure that neither party is aware of the structure, size, co-signers, or details of the others mortgage particulars. 

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Resources to help you with mortgage through a divorce of separation

Mortgage Advice to Help You Through a Separation

With the latest stats claiming that about half of marriages end in divorce and with around three-quarters of Canadians being homeowners, it’s important to know how to handle your mortgage if you decide to separate. Here’s a quick list of things to consider.

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Protect Your Credit Through a Divorce

Separating all joint accounts from your ex-spouse is essential to taking control or your finances through a divorce of separation. Learn more about how to protect your credit in this tough situation.

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Understanding a Spousal Buyout Mortgage

If you’re going through a marital breakdown, you might have questions about how to split assets and access your home equity. Understanding how a spousal buyout mortgage can help you might bring clarity to your situation.

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If You’re Looking to Sell Your Property, Start Here

While talking with a mortgage professional might not sound like the most logical place to start the selling process, here are some excellent reasons why it makes the most sense.

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Learn more about how credit impacts a home purchase

How to Establish New Credit

if you don't have established credit, a secured credit card is a great way to get started when you have don’t have the borrowing history to get credit from a bank. Learn more about establishing credit here.

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Benefits of Working with an Independent Mortgage Professional

If you need a mortgage, working with an independent mortgage professional will save you money and provide you with better options than dealing with a single financial institution.

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