Easing complications from that post-Christmas breakup
The papers have been full of the usual articles about post Christmas marital breakdown. Ipswich Building Society is making a point of changing eligibility criteria to include 100% of the income from child maintenance. Breaking up is never easy, but this may help some.
According to the ONS an estimated 42 per cent of marriages now end in divorce with the highest rate recorded amongst those within the 40 to 44 age bracket.
Paul Winter, chief executive of Ipswich Building Society, said: “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% of income from child maintenance, whilst others refuse to accept this as a form of income at all, limiting single parents’ access to the mortgage market.
“Furthermore, with the divorce rate highest amongst those in their forties and increasing amongst the older generation, this can add to the difficulties older borrowers already face when looking for a mortgage.””