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Divorce Advice: Getting a Mortgage

When a couple divorce at least one party will almost certainly be vacating the family home. What’s more, due to the cost of property and it becoming increasingly difficult to obtain a mortgage, the vast majority of these people will find themselves renting their next property. The recently divorced will often be in receipt of alternative types of income such as child support and, as lenders will not consider such income when reviewing a mortgage application, it can be difficult for them to get the money they need to get back on the property ladder. Luckily, there are lenders who view child support as valid income and will take the income generated through it into consideration. Unfortunately, though, they may only be willing to view child support as guaranteed income under certain circumstances whilst some will only take a portion of the income that it generated into consideration. All members of the Lloyds banking group, for example, will only consider only 60 per cent of the income an individual receives from child support. They will also require a court order mandating these payments along with bank statements to prove that the payments are being regularly received before they will consider this income. The Co-operative Bank on the other hand will take all income received via child support into consideration but only if backed by a court order or if the money is paid to the recipient via the Child Support Agency. As obtaining a court order can prove to be expensive and the CSA now take a percentage of any payment from both parties as a fee neither requirement is in the best interest of any individual applying for a mortgage! There are lenders that will, however, consider all of the money that an individual receives from child support without the need for a court order or for the relevant payments to be made through the CSA. They will require proof that the payments are being made, but all that is required are bank statements showing that the payments are being consistently made. Lenders that offer such mortgages include Barclays, Santander and Tesco Bank. So, if you intend to apply for a mortgage following a divorce, make sure you chose the right lender!

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