Going through a divorce and obtaining a mortgage when your wife/husband are also your business partner

Mr R approached us for assistance in buying his new home. He was in the process of finalising a long and acrimonious divorce and his soon-to-be ex-wife was a partner in his business. Although she was a silent partner; living some miles away and not active in the day-to-day running, she had been receiving half of the net profit. The partnership was trading well and was making around £100,000 pre-tax profit and had been stable at this level for several years.

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Recently moved back to the UK?

Mr P approached us having had an offer accepted to purchase the flat adjacent to the one he and his family had been renting. Mr P had just returned to the UK, having worked abroad for the previous ten years, moving location globally several times. He had spoken to his bank and was surprised that, although he had kept his personal banking with them throughout his time overseas and they had full insight into his financial circumstances, they were not able to assist him as he had not been resident in the UK long enough.

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