How a mortgage in your 60s can help you move on post-divorce
We're LiveMore, a specialist mortgage lender for people aged 50 to 90+ and we talk to Audrey about her experience of divorce and how gettting a mortgage in her 60s helped her to move on and rebuild.
“Ten years ago, I found out my husband was having an affair.”
It was devastating news for sixty-something Audrey Savill who was happily married, living in the family home with a job she loved in London. She was also helping her daughter buy a house to start a family of her own.
Now Audrey had to begin the painful process of divorcing her life partner. However, much worse news was still to come.
“My daughter got a terminal diagnosis five or six years ago,” Audrey says. “She needed help, so my priorities changed. I left work to make sure my granddaughter was cared for. When my daughter very sadly died, my granddaughter was only three.”
Listen to Audrey's story on The Divorce Podcast:
Audrey’s painful divorce journey
On top of the pain of losing a child, Audrey was coming to terms with her divorce which, on its own, was a difficult and distressing time for her. As well as the emotional strain, practical issues such as housing can often make life difficult for divorcees. At first, Audrey lived in her daughter’s property.
“It was a lovely little mews conversion in a terrace,” she recalls. “It had lots of emotional attachment for me because I’d originally helped my daughter buy it, then I later bought it from her following my divorce.” Although attached to the home, Audrey began to realise she needed to move on, particularly during the COVID pandemic.
Eventually it just became a bit too small,” she says. “The soundproofing wasn't good either and with young families on either side, I was sitting in lockdown thinking, ‘I'm in my 60s now and I don't want to hear arguing and babies crying through the walls’. “It wasn’t working anymore.”
Divorced and buying a home aged 50-90+
Audrey just wanted to look forward to the future again. She found the perfect bungalow to help move on with her life, but worried it was out of reach because of her age and marital status.
This is a common problem for divorcees. Saga says that a third of people aged 50 and above are renters, with divorce being a key factor. Many lenders won’t lend to people in their 50s, while being single makes it even harder because there is only one person’s income on the application. However, Audrey’s financial adviser recommended LiveMore, a mortgage lender designed for applicants aged 50 to 90+. “I used to work in a bank myself so, before LiveMore, I always thought a mortgage at 60-odd was impossible, but it’s different now,” she says.
They welcome all kinds of incomes – not just salary – including pensions, rental income and more, as well as people with several incomes. This means divorcees aged 50-90+ like Audrey have a fair hearing when they apply for a mortgage.
She says: “I don't ever jump into any major decisions, but I realised that, for me to get to where I wanted to be, that's what I had to do.”
Through LiveMore, Audrey was able to secure a seven-year fixed-rate mortgage to buy the bungalow and do some improvements. Now she he can start looking forward at what the future will bring, instead of looking back.
“My intention is to stay here for the rest of my life,” she smiles. “It’s setting me up for the next stage of my life, which I'm sure will be a lot happier than the last 10 years.”
Looking for more help? Click here to speak to one of LiveMore's mortgage advisors.
How amicable can help
As the original couples’ service for divorce and separation, amicable helps couples work together to reach agreements over their children and financial arrangements, as well as manage the legal process.
Through working together, the couple's best interest is prioritised rather than one individual’s and the focus can be on building a positive future apart. Housing is an important part of discussions around financial arrangements especially when couples need to work out how to re-house themselves and fund their life after divorce.
Book a free 15-minute consultation to explore your options and speak to an amicable expert.