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Mortgage Capacity Report

We will check affordability across the entire market and not just your own bank.

 

A short questionnaire will need to be completed, and your standard report will be sent to you within 3 working days.​

 

Standard report's will be charged at a flat rate of £150.

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​​​​If you would like a standard report (i.e. you know what deposit you will have/what your finances will be), feel free to complete the questionnaire and pay via the submission link at the end of the questionnaire.

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For more complex assessments, where you would like to look at different deposit levels or different mortgage types, please feel free to contact us so that we can discuss further the scenarios you wish to consider.

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​Each additional scenario will be charged at £25 per variation. Variations can include Equity Release options, as well as Retirement Mortgages in addition to standard Mortgage options.

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What is a mortgage capacity report?

A mortgage capacity report is a detailed analysis of your likely mortgage options, every report is different as it is compiled after a bespoke assessment of a persons specific circumstances has been completed.

 

The information used to assess the persons circumstances will be factual information that the person knows to be certain.

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For example

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  • Your income

  • Current debts and financial commitments

  • The outstanding mortgage

  • Property value and equity

  • Children and dependents

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The assessment will be carried out by a qualified mortgage adviser who will then compile a report detailing the maximum mortgage raising capacity, this report may include various possible scenarios and will include the potential term and monthly costs of the mortgage.

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Why might I need a mortgage capacity assessment?

Usually, a mortgage capacity report may be needed for divorce or separation proceedings as it provides a clear understanding of the persons ability to raise a mortgage on a suitable property post divorce.

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A mortgage capacity report can ensure that decisions about the family home are fair and financially sound.

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Often, it may have been requested by a solicitor, and it can be used in court as evidence during the financial settlement process.

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A judge can then hear the information from both sides and the report will provide a concise appraisal of your borrowing capacity and the impact this would have on your finances.

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The report can be used to help negotiate settlement, by providing a clear and objective opinion of a persons ability to afford a mortgage, enabling you to reach a financially sound agreement for both parties.​​​​​

What various scenarios might be considered?

When going through divorce you and your solicitor may be looking at varying post divorce scenarios that could impact your mortgage raising capacity.

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For example

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  • ​Deposit - The amount of deposit can impact your borrowing capacity and the costs of the mortgage.

  • Maintenance Payments - This can impact both the receiving person and the paying person.

  • Benefit entitlement - These can impact the pool of lenders willing to lend and the amount that can be borrowed.

  • Child care costs - Child care costs are treated as a commitment, as such, they will impact your borrowing capacity.

  • Work - Your work arrangements will impact your mortgage raising capacity.

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There could be many reasons you need to look at different post divorce scenarios, we are here to liaise with you and your solicitor to compile an accurate report.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON ANY LOAN OR MORTGAGE SECURED ON IT.
 

Joanne Pay t/a Joanne Pay Mortgage and Protection FCA number 1014198, is an appointed representative of Mortgage Saving Experts Ltd which is authorised and regulated by the Financial Conduct Authority under FCA number 779662.

 

 Registered Address: 26 Laburnam Avenue, Sandwich, Kent CT13 0AY.

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We charge an arrangement fee for processing your mortgage of up to £495. For equity release and lifetime mortgages we charge an arrangement fee of £995. In addition to this, we will also receive a commission from the lender.

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