Mortgage Capacity Report Explained.
Welcome to our guide on Mortgage Capacity Reports. If you've ever wondered how much you could potentially borrow for a mortgage or wanted a deeper understanding of your borrowing power, then this page is for you. Here, we'll delve into what a Mortgage Capacity Report is, why it's important, and how it can benefit you.
What is a Mortgage Capacity Report?
A Mortgage Capacity Report, sometimes referred to as a Mortgage Affordability Assessment, is a detailed report that gives an estimate of the maximum mortgage amount an individual or couple can borrow, based on their current financial circumstances. These are often used in legal settings where there may have been a breakdown of a relationship and a court or solicitor asks you to evidence what your mortgage capacity is to help determine who gets what from a separation.
Unlike a basic mortgage calculator, which offers a rough estimate based on a simple income multiplier, a Mortgage Capacity Report takes a more comprehensive view, considering:
Why is it Important?
How is it Prepared?
The preparation of a Mortgage Capacity Report generally involves:
A Mortgage Capacity Report provides valuable insights into how much you can borrow, empowering you to make informed decisions when considering property purchases. Whether you're starting your property journey or looking to make changes, understanding your borrowing capacity is an essential step.
If you’re considering getting your Mortgage Capacity Report, it's advisable to consult with a financial expert or mortgage advisor who can guide you through the process and help you interpret the results.
Terms & Conditions
Lewis Shaw, FCA registration number 927754, trading as Shaw Financial Services, is an appointed representative of King Mortgages Ltd, which is authorised & regulated by the Financial Conduct Authority, FCA registration number 803561.
There may be a fee for arranging a mortgage. A typical fee is £499; however, this could be up to £998. Any fees will be discussed with you and agreed, in writing, prior to any work commencing.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Some forms of Buy To Let mortgages are not regulated by the Financial Conduct Authority. There is no guarantee that it will be possible to arrange continuous letting of the property nor that rental income will be sufficient to meet the cost of the mortgage.
The guidance &/or advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers in the UK. As with all insurance policies, conditions & exclusions will apply.
THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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