Mortgage Capacity Reports can be extremely useful in family Court proceedings, as they can often have a direct impact on any settlement ordered.
As Court Experts, we are bound by the duties as set out in Part 25 of the Family Procedure Rules, and we regularly provide reports for family law practitioners and in some cases we provide these directly to clients.
When solicitors are uncertain about what the client/s' situation is likely to be then our research can determine what the most likely mortgage borrowing will be based upon a number of different scenarios. This is especially appropriate when finances are being disputed.
Examples include agreements about how debts are to be split, maintenance, or the divorcing parties are finding it difficult to decide whether to pursue other matrimonial assets. Understanding how these decisions could affect mortgage capacity can help these negotiations. Ensuring the client is fully aware of how financial decisions made now may affect their ability to obtain a mortgage in the future should be vital to all divorce negotiations.
Narrative and confirmation of clients’ most likely maximum mortgage borrowing ability and more importantly, the amount of mortgage they can actually afford to maintain are included in the assessment report.
Details of any relevant mortgage criteria and general costs of any potential mortgage will also be detailed. As Independent Mortgage Brokers, a range of mortgage providers are contacted to ensure that our reports are based on accurate, current and plausible results.
The results of our reports, including narrative about any anomalies in the figures, means that clients and their solicitors have realistic, useable mortgage borrowing information that can be used effectively and with confidence at Court.
If you would like to see a sample of an anonymised report, or if you would like to consider instructing us, please click here, and we would be delighted to help. We are Resolution members.