Mortgages after divorce – an infographic

Written by Ipswich Building Society

14 Dec 2015

Tags

Divorce, Infographic

1 min read

Thanks to the Mortgage Market Review (MMR) bringing in stricter affordability criteria for those looking to buy a home, specific groups of people finding it harder and harder to get a mortgage. People looking for a mortgage after divorce are the latest group to join these so called ‘mortgage misfits’.

Whilst these ‘mortgage misfit’ divorcees may be able to afford the mortgage in reality, due to a variety of income channels, the computer based affordability tests used by many lenders automatically assumes they cannot afford the repayments because they do not recognise child maintenance as income. Our infographic below illustrates why this is a big problem for a growing mortgage misfits group.

Suffolk Building Society is one of the only lenders that takes into account 100% of child maintenance payments and will also consider an applicant’s evidence if they routinely spend less than the national average on specific items, offering greater choice of mortgage products to divorcees and lone parent households.

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – find out more.

Found this useful? Why not share

Keep informed and get involved.

Keep Informed

Sign up to our newsletter.

Our blog contains the latest goings-on and updates across the Society and you can follow us on Facebook, Twitter, LinkedIn or Instagram. Exclusively for our members we offer a monthly email round-up of must have stories and latest news, so sign up today.










    KEEP UP TO DATE

    Latest news and information

    Our blog contains the latest goings-on and updates across the Society and for members we offer a monthly roundup of must-have stories and latest news in our Freehold Post email newsletter.

    For announcements, alerts or tips follow us on Facebook, Twitter, LinkedIn or Instagram – we’re (almost) everywhere!

    Your browser is out-of-date.

    Welcome to our new website. This site is not fully supported in Internet Explorer.
    Please download one of the browsers below to continue using this website.

    • Google Chrome
    • Microsoft Edge