Yorkshire Building Society launches mortgages for broken homes

04 July 2005
Yorkshire Building Society has launched two mortgage packages designed especially for customers going through break-ups.

Previously, customers who took out joint mortgage policies on a single home and then divorced or separated found it extremely difficult to obtain separate policies on new homes.

The new Fresh Start policy aims to redress this, offering cashback to help with solicitor's fees, free referrals to family law experts and preferential deals on family protection and maintenance protection schemes.

Rachel Court, head of mortgages at the Yorkshire, believes the policy is long overdue.

"It's a sad fact of life that many relationships come to an end every year. We recognise that this is an extremely upsetting and complicated time, especially when a relationship involves a shared home, and yet it can be difficult to find help and advice," she commented.

"Every detail of the Fresh Start proposition has been designed with consideration for those who are trying to start again on the property ladder after their relationship has ended. Fresh Start should at least make the buying of two homes out of one a little easier at a time when everything can seem difficult."

As well as features specifically designed for divorcees, the policy is also extremely competitive, offering zero per cent interest for the first six months as well as a loan for up to 100 per cent of the value of the property, with no higher lending charge.

The fixed-rate option is set at 5.49 per cent until 2010.

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