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The Mortgage Partnership to offer divorcees 20 times over standard

The Mortgage Partnership is offering a loan aimed at helping divorcees get a second mortgage to buy a new property after moving out of the family home.

The packager claims many divorcees are denied mortgages from mainstream lenders because they are paying off the loan on the family home.

It says its New Start mortgage, funded by specialist lender The Mortgage Business, tackles the problem by letting divorcees borrow up to 20 times more than the standard amount.

It has produced an illustrative lending table to show the scale of the gap between what traditional lenders and New Start are willing to let divorced people borrow.

One example shows a divorcee with an annual income of £60,000 can normally borrow only £7,875 when their maintenance commitments and payments towards the family home mortgage are taken into account while New Start will lend £156,187.

A divorcee on a salary of £15,000 a year, who would be denied a mortgage from most lenders, can borrow £37,012.

Director John Mawdsley says: “There is a real need to help those people who want to buy a new property but find their way blocked by their lender. The table identifies the huge gap created by treating borrowers in a different way.”

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