A Mortgage capacity report is a letter written for the courts to help during divorce proceedings. We have been writing these capacity reports since 2019.
The first time we wrote one of these letters it was a favour to an existing client who was getting divorced. We were not really sure what to put on there but we did our best. There was a little bit of back and forth as we needed to add a couple of bits that were missing.
Over the years though we have taken feedback from solicitors and barristers to amend the letters and we now have something that no longer seems to get any additional requests. Which means we can normally now get them over to you quite quickly.
We now work with a couple of solicitors to write these letters for their clients.
What information do they contain?
Typically they need to include:
- A maximum lending figure based on a couple of scenarios,
- A monthly repayment based on a couple of scenarios,
- An overview of your circumstances,
There is also additional information that does not need to be included but we find to include it helps to prevent pushback from the other side. That in itself will no doubt incur further cost from your solicitor and also more work for us. We now include this information as standard – this is where many years of experience comes in to help.
How long does it take to get a Mortgage capacity report?
Our capacity reports are only 2-3 pages long and the first page is the same for everyone.
We do not believe in providing lots of waffle and it is really not needed, 6 years of providing these letters confirms that.
We can normally get the reports over to you quite quickly. The longest part is the research stage, this can take a couple of hours. However we can generally have the first draft with you within 24-48 hours of receiving the information we need from you. The final version is normally then sent over within an hour or 2 of confirmation everything is ok. More often than not it is, but we understand you may want to run it by your solicitor beforehand.
How much does it cost for a capacity report?
We charge £199 flat fee – there is no VAT charged. This can include a couple of scenarios – for example, you might want it with and without child maintenance. However, if you would like a couple of scenarios, we ask that you discuss this with us upfront with us. Doing multiple scenarios for the same cost is only applicable if we are doing the research at the same time.
If things are amicable and all involved are happy for us to write a report for both sides, we can do that. But we will only do it where things are amicable.
Mortgage Capacity reports in a nutshell
Cost: We charge £199.
Time: We can normally have it to you in 24-48 hours.
Will it include everything?: It WILL cover off everything you need.
You will also have an experienced mortgage broker helping you out. If you want to discuss an onward mortgage down the line, we can do that – but there is absolutely no requirement to use us for a mortgage.