Mortgage Capacity Assessment Report
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What is a Mortgage Capacity Assessment?
Why do I need a Mortgage Capacity Assessment?
The Capacity Report is most commonly used during divorce or separations. In most cases, this is requested by the courts to do decide on financial splits of existing assets. This report will not only give you an element of peace of mind and allow you to plan your future post-separation but will be able to detail different outcomes based on varying financial splits.
Who completes the Mortgage Capacity Report and Research?
The mortgage capacity report needs to be deemed credible. At St Barts Finance we are an experienced mortgage brokerage and financial planner with the correct qualifications in place. This ensures that your mortgage capacity assessment is deemed credible by solicitors and the courts.
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Mortgage capacity assessment what’s involved?
This is completely dependent on your own personal circumstances and the complexity of your separation. There are many factors that can affect the outcomes of the reports and every potential scenario should be covered to ensure that you get a fair settlement from your separation.
What information should I know to help my adviser generate a mortgage capacity report?
There is some key information that you need to know to ensure that your report can be started. There are potential variable scenarios that you should consider, based on maintenance payments, childcare and your current work situation (if that needs to change to support your family).
You can get a rough guide on property prices by using helpful tools on property websites like zoopla.co.uk or rightmove.co.uk. We would also recommend getting your property valued by a local estate agent who has a proven track record within your area.
Not everyone has investments but if you do an up-to-date value or statement is beneficial when building a credible clear mortgage capacity report.
This is something your solicitor will advise you on in more detail. Ringing your pension provider or HR department will give you the details of these funds and the values we need to complete your mortgage capacity assessment.
This will allow us to build the capacity report and potential scenarios if you had to reduce or increase your working hours post-divorce and how this would affect your potential mortgage borrowing in the future.
This is not always 50/50 as most imagine and is completely dependent on your individual circumstances.
What is a Mortgage Capacity Report Scenario?
Your report will include one scenario as standard after that you and your solicitor may decide you would like additional scenarios based on variants within the divorce or separation proceedings.
- Child Custody
- Maintenance Payments
- Benefit Payments
- Child Care Costs
- Working Arrangements
There are 100’s of potential scenarios that could happen when divorce/separations take place. You will not need a scenario for every possible outcome but working with your solicitor and your adviser at St Barts Finance we will be able to look at the likely scenarios that you could be faced with post-divorce.
Mortgage Capacity Reports are not part of the Openwork offering and are offered in our own right. Openwork Limited accepts no responsibility for this aspect of our business. Mortgage Capacity Reports are not regulated by the Financial Conduct Authority.
We charge a flat fee of £195.00 for a Mortgage Capacity Report (which includes arranging a mortgage for you when/if the time is right). If you require several different scenarios (as specified by the court), we charge an additional £50.00 per scenario.
One of our six, employed Mortgage Advisers, will tailor your report to your requirements. Our advisers have over 25 years of experience and have previously worked for Halifax, Nationwide, Virgin Money and HSBC.
We will try to produce your report within one week, but if you need it urgently, we can produce the report within 48 hours at an additional cost of £50.00. If you would like to confirm the exact fee payable, please get in contact and we will be able to confirm this for you.