Financial lifeline for older couples facing divorce

Dividing up the family home is probably the largest concern to couples facing separation and divorce.

One option is for one party can buy the other out, but this often depends on borrowing capacity and can leave older couples struggling to find a lender willing to advance funds to a borrower  they consider to be advancing in years.

According to a recent article in the MONEY supplement of the Sunday times (7.8.16) some lenders are finally offering solutions to older people who need a mortgage.

According to The Times, 10 lenders are now offering mortgages up to the age of 85 and 6 to the age of 80.

Borrowers in their 40s being told that they are too old for a mortgage may now be a thing of the past.

RBS, Barclays and HSBC  all say applications will be considered case by case up to the age 70/75.

Obviously this will depend upon individual circumstances but the move could be good news for couples who decide to split later in life and need to reach a financial settlement.

Read the Sunday Times article

If you are considering separation or divorce and need expert legal advice, for an initial free appointment please contact Sara Scanlon at our Halifax office on 01422 339637 or email Sara at sgs@wilkinsonwoodward.co.uk