Following on from our previous posts on the groups of ‘mortgage misfits’, today’s post delves into another group who are finding it particularly difficult to get mortgages in the UK – divorcees.
Today is National Divorce Day and based on this recent research from Ipswich Building Society it seems that even though many divorcees are able to afford mortgage down-payments and repayments, the automated affordability criteria in place at many banks is often preventing them from getting accepted.
This is especially apparent for newly divorced single parents as many lenders (excluding IBS) are not taking into account the full income generated from Child Maintenance with some lenders refusing to take this income into account entirely.
Here are a some shocking statistics which illustrate just how many people in the UK have limited mortgage options due to falling into this bracket:
However, all is not lost for divorcees looking to secure a mortgage. If you’re looking for advice – visit this post on the IBS site to find out more about what options are available.
