A situation that we see time and time again at St Bart’s Finance is a couple in mediation trying to agree on the divorce settlement amicably. Now, normally this can be a very hard part of an already uncomfortable situation. Therefore, understanding the financial facts is crucial to do this. Obtaining financial advice when going through mediation is key to your understanding and if both you and your ex-partner have the facts it allows the conversation throughout mediation to be more structured and allows you to focus on the financial facts of your separation.
How could a mortgage capacity assessment help with getting a resolution from your divorce mediation?
Mortgage capacity reports allow you and your ex-partner to have a view of what the future looks like from a mortgage affordability point of view and gives you a guideline of your ability to borrow. As this is a future planning document you can arrange different scenarios when requesting your mortgage capacity assessment. Having different scenarios will allow you to present the facts to your ex-partner within the mediation of what it looks like and why you may need x amount to stay in the school catchment area.
How does child maintenance affect The Mortgage Capacity?
Child maintenance is a cost for one party and an income for another, so it has mortgage affordability implications on both sides. If you are the partner who is having custody of the child/children most of the time. You may want to show how you need a certain level of affordability to ensure that your children’s living circumstances location catchment area etc. are not affected too drastically.
If you are the partner paying the maintenance, you may want to be able to justify to the courts how much you can realistically afford to pay while still being able to afford to own a home that is suitable for your child/children to come and visit.
Every mortgage lender is different on its views to child maintenance payments and this is led by their lending criteria. It is the mortgage advisor at St Barts Finance job to evidence the different type of lenders and different payment types and amounts will affect your affordability going forward.
How does state benefits affect your mortgage capacity going forward?
Post-divorce your income levels may have changed due to working and family commitments this may mean that after seeking advice you are aware that you are eligible for state benefits once you have separated. Each mortgage lender is different and not everyone will lend on state benefits but there are lenders who will. When your advisor is generating your mortgage capacity assessment, they will take this into account showing you how your newly acquired state benefits could impact your affordability and mortgage lending amount going forward.
Is it a good idea to obtain a mortgage capacity assessment post mediation?
Prior to mediation, both sides will be required to fill in a financial declaration. It is important with this document you are open and completely transparent as if an agreement is made and then later found out that one side was not truthful about their financial situation, said agreement may not be valid. When preparing your financial document this may also be a good time to obtain your mortgage capacity assessment from a qualified mortgage advisor. At St Bart’s finance if you come to us post mediation and generate your mortgage capacity report and then need a separate scenario halfway through mediation we will be able to do this for you as a bolt-on service as opposed to generating a whole new report. For a small fee, we can produce a different scenario for you based on what has come out of your last mediation session.
What happens after mediation can St Bart’s Finance help me obtain a mortgage?
Yes, St Bart’s Finance is a mortgage and financial planning firm based in Bournemouth & Poole although we work with clients nationwide to secure them a mortgage. If you have used us for your mortgage capacity report, we will then be able to reduce the advice fee by the amount of the report. Please see terms and conditions for details on our cost and fees for our different services.
Who is St Bart’s Finance and why use them for Mortgage Capacity Assessment and advice?
St Bart’s Finance are financial advice and mortgage brokerage with offices in Bournemouth and Poole. We meet local clients face to face in one of our offices and work with clients nationwide. Our team of advisors have been working in financial services for many years collectively and have obtained the qualifications they need to ensure they can offer honest and ethical financial advice to our clients. The team at St Bart’s Finance pride themselves on customer care and this is what has helped build our business to this day. We want every client who deals with us to feel comfortable while using our services no matter how hard the situation they are going through maybe. To Book an appointment or request a mortgage capacity assessment please contact us on 01202 520 550 or book online using the button at the top of this blog.
|Your home may be repossessed if you do not keep up repayments on your mortgage.|
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.
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