Ipswich Building Society announces change regarding mortgages for divorcees

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By Nicola Furmston

In a recent development the Ipswich Building Society has announced that it will in future agree residential mortgages for divorcees taking 100% of the income from child maintenance into account when assessing affordability. This is provided that the child maintenance payments are supported by an assessment from the Child Maintenance Service or a court order and have at least five years to run.

Ipswich Building Society joins a growing list of financial institutions willing to support divorcees in this way. However people contemplating taking out such mortgages should always be aware that child maintenance can stop, for example if a payer loses his/her job or even if he/she is unwilling to pay. So most would benefit from making sure that their own personal financial resources are able to support the mortgage payments if required.

Nicola Furmston is a solicitor and head of the Family team at Barker Gotelee.

Family Solicitors in Ipswich – for more information on our range of legal services, please call the team on 01473 611211 or email bg@barkergotelee.co.uk