Why do the courts request a mortgage capacity report?
A mortgage capacity report is requested so that when your financial settlement is being worked out the courts can understand your mortgage capacity. This can be based on different circumstances to detail how several scenarios could affect your ability to borrow post divorce.
Why is Important to get a mortgage capacity report?
The courts understanding what you can afford to borrow could drastically change the financial outcome of your divorce. Eg if you have young children and need to stay in the catchment area for their school but cannot afford to buy you may be entitled to a larger equity share of assets to allow you to maintain your children’s lifestyles post-divorce.
What Information Do I Need to Provide For My Capacity Report?
When we carry out our investigations to build your mortgage capacity report, we will need some specific information from you. These includes all current incoming earned and not earned along with all liabilities e.g. credit cards loans hire purchase etc. In most cases we will ask you for this information either face to face or over the phone. Alternatively, you can securely send us your last three months bank statements for your mortgage advisor to review.
What Is Included in My Mortgage Capacity Report from St Bart’s Finance?
- Detailed overview of advisor’s financial qualifications and accreditations.
- Maximum mortgage available
- Other Scenarios
- Statement of truth
- List of lenders used
St Barts Finance can create a mortgage capacity report within 48 hours. We charge £195 per report and an additional £50 per scenario requested by you or your solicitor. The good news is that once you have paid this fee if your return to us to arrange your mortgage, we will reduce your advisors fee by the same amount. Contact St Bart’s Finance today for an initial consultation in Branch on the phone or over skype.
Mortgage Capacity Reports are not part of the Openwork offering and are offered in our own right. Openwork Limited accept no responsibility for this aspect of our business. Mortgage Capacity Reports are not regulated by the Financial Conduct Authority.
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