Silver Separators Mortgage Capacity Assessment

The term silver separators has been coined by the media in relation to older people getting a divorce. For more on this, read our blog below.

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Silver Separators Mortgage Capacity Assessment

Statistics provided by The Office of National Statistics show that the divorce rate has dropped by 10% over the last decade. Although there is one generation that is bucking the trend this is the 65+ age bracket which has seen an increase of 32%. This has led the media to coin this demographic as the silver separators.

When divorcing later in life it can be even more paramount to seek financial advice when separating assets. Dividing your pensions property and investments at this stage when the majority will be retired and have no earned income can have serious effects on your quality of life.

This is where getting a mortgage capacity assessment completed can really help. Many courts will request this when deciding on the financial split and settlement details of the divorce proceedings.

Mortgage Capacity reports were designed to provide the court and solicitors with an idea of levels of affordability and potential mortgage options when a couple goes through a divorce. This is no different for the silver separators that we are meeting on a more regular basis.

A lot of people that fall into this age bracket feel like they have no option but to sell their home and go into private rented accommodation using their share of the equity to pay the rent on a monthly basis.

With this becoming an increasing concern in the financial services industry more and more lenders are offering lending into retirement mortgages and equity release options.

These types of products may help you retain your property or purchase a new home post-divorce. The key to this is understanding the options available to you and carrying out a mortgage capacity assessment will help you do this.

What is a mortgage capacity assessment?

It is a report carried out by a qualified advisor looking at your individual circumstances and presenting the options to you in the form of a Mortgage Capacity Report. These reports can then be used to negotiate different potential outcomes for you.

 

How can St Bart’s Finance help you if you find yourself separating in later life?

St Bart’s Finance is based in Bournemouth with offices in Poole & Charminster offering mortgage and financial advice to residents and clients nationwide. We can work with you to quickly and accurately generate a report with varying scenarios within as little as 48 hours.

Our fully qualified mortgage advisors will work with you to understand your existing circumstances and show you the potential opportunities post-divorce at 65+.

Contact us today on 01202 520 550 to order your mortgage capacity report or use our calculator online.

Mortgage Capacity Reports are not part of the Openwork offering and are offered in our own right. Openwork Limited accepts no responsibility for this aspect of our business. Mortgage Capacity Reports are not regulated by the Financial Conduct Authority.

St Barts Finance LTD is an appointed representative of The Openwork Partnership Limited, which is authorised and regulated by the Financial Conduct Authority

All our Advisers are FCA regulated and fully qualified.

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We are part of one of the UK’s largest Financial Services Nerworks:

We are part of one of the UK’s largest Financial Services Nerworks:

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