Separated Couples Forced to Live Together

An increasing number of separated couples are continuing to cohabit as the recession leaves them unable to sell a home they’ve purchased together. The information comes from a range of financial advisory firms who have seen a growing trend of couples who have split up and are continuing to live under the same roof.

Young couples who were first time buyers during the property market boom are the most likely demographic to continue living together despite having broken up. However, this decision is not uncommon among older couples who have decided to divorce and cannot sell their homes.

As the property market remains in a slump and the country is continually falling further into recession, the possibility of a fast property sale is a rare achievement in a stagnant market. For those who no longer want to share a home, it is causing significant problems within the household and many separated couples who continue to cohabit find it particularly difficult to find a new partner.

Separated couples who have taken out a mortgage in the past five years are particularly vulnerable; many are left with a mortgage worth more than their property as they fall into negative equity. For many, the solution in this equation is to approach the bank and request that one of the parties takes on the mortgage. However, many banks are reluctant to allow one person to take on what was previously a joint mortgage, particularly as banks had previously granted huge mortgages which homeowners struggle to afford on their own.

Financial advisors have noted a significant rise in the number of people affected in this way, Chris Cummings from the Association of Mortgage Intermediaries commented that ‘Now the market has turned down, people are being dumped and they can’t just walk away’.

The current housing market is making it increasingly difficult for people across the UK to sell their homes and a quick property sale is becoming a thing of the past through the traditional means of selling a home. With the help of Swift Capital, it is possible to make a fast house sale, allowing you to release the equity from your home and move on. Whether you need to make a quick sale in order to separate the value with your ex-partner or simply wish to find a quick equity release solution, we may be able to help you. Contact Swift Capital today for advice on how to make a quick property sale.