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Butterfield triples loan deal for divorce service

Butterfield Private Bank has relaunched its loan service for divorce cases.

It aims to help with payment of legal fees and living expenses during divorce proceedings.

Butterfield has increased the maximum amount of funds available from 50,000 to 150,000. The launch comes in the week that the Law Lords set a legal pre-cedent by awarding two divorced women multi-million-pound settlements because they had given up high-earning careers.

The funds are available on a drawdown basis, where individuals draw and pay interest only on the money they need. The loans are available on an interest-only basis, with the loan secured on the borrower’s share of the matrimonial home or other assets.

Interest is usually between a set margin, typically 2 per cent to 5 per cent above bank base rate. There are no redemption penalties on early repayment.

Managing director Paul Turtle says: “Divorce can involve both partners in expensive legal bills and yet the expenses of life will continue as before. The loan can help by funding these costs at a time when the parties involved have other priorities to consider.”

“We have offered divorce loans for a while and we have recently seen a significant increase in clients’ funding requirements. We hope our loans will help people at what is often a very difficult time.”

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