Ipswich Building Society has announced that all of its residential mortgages will be available to divorcees with 100% of the income from child maintenance taken into account when assessing affordability, provided it is supported by the Child Maintenance Service/Child Support Agency or Court Order and has at least five years to run.
Paul Winter, chief executive of Ipswich Building Society, has announced: –
‘Despite a significant number of people across the country having been through a divorce, there is little consistency in terms of lending criteria for divorcees. Some banks and buildings societies will accept just 50 per cent of income from child maintenance, while others refuse to accept this as a form of income at all, limiting single parents’ access to the mortgage market. With the divorce rate highest among those in their forties and increasing among the older generation, this can add to the difficulties older borrowers already face when looking for a mortgage.’
For more information as to which lenders take child maintenance into account when assessing mortgage capacity following a divorce/separation click the following link –