The Daily Mail (17 Feb 2014) wrote that divorcees are forced into rent. Spareroom, an online flat sharing website, stated that 60,000 people over 40 placed room wanted adverts; 20,000 more than 5 years ago.
Why do Divorcees have to rent?
With average house prices in London reaching £535,000 and the rest of the UK hitting £190,000 (updated Spring 2016), it would be a struggle for some divorcees to buy a new home. The affordable housing options seem to be reducing so the quick options are to either rent or move in with friends or family.
What is so bad about renting?
The cost of renting is now on a par with mortgage repayments and this can slow down how quickly a divorcee can save for a deposit on a new home; but this isn't the only challenge. There is the knock on effect for divorcees feeling a lack of independence after losing their family home. It may even be that they have to go back to work after years of not working; add this to having to look after children and the problems can stack up. There is a feeling of having to start all over again and worse still, doing it whilst renting a property. It could be years before a divorcee is able to afford to buy a property on their own and so they could feel that things couldn't get much worse.
Starting again; buy instead of rent
Divorcees are now able to find another solution where they can still be independent, can afford to buy a property and start to rebuild their lives. Share a Mortgage allows for divorcees to join forces with other people so they can make buying a home affordable; some even team up with other divorcees to help each other get through the life changing experience.
The Share a Mortgage Journey
Once you have found people whose plans align with your own, with enough deposit to now afford the property you want, Share a Mortgage can advise you about mortgage products and can then guide you painlessly through the conveyancing process with our specialist conveyancing solicitors. Our unique Shared Ownership Protection, which is legally binding, provides peace of mind for people buying a property together; establishing clear parameters for all sharers and rules for dissolution, creating a safe and secure way to buying a home with someone else. Take the Share a Mortgage journey.
What is Shared Ownership Protection?
Shared Ownership Protection is a legally binding contract backed with support and guidance services that protect couples buying a home together. When buying a property with someone else it is essential you protect your share in the property, even if you think it is shared equally, it might actually not be. Shared Ownership Protection ensures every owner has their own interests to protect so that if the worst happens, you can walk away with your share of the property.
Call us on 0333 344 3234 or email help@shareamortgage.com to find out more.
