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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.

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We have two fee options for standard reports

 

Option one - Individual report for one spouse.

£125 

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Option two - Individual report for each spouse.

£200 

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​​If you would like a standard report (i.e. you know what deposit you will have/what your financial 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, please feel free to contact me so that we can discuss further the scenarios you wish to consider.

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​Each additional option one scenario will be charged at £20 per variation.

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​Each additional option two scenario will be charged at £30 per mirrored variation.

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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