We care, we assess, we deliver
How main motivation is to assist you in defining how much you can potentially borrow when looking for a mortgage after your divorce has been agreed
We possess many years of experience within the industry and there are not many scenarios that we have not seen before. Whilst we understand how stressful it can be discussing your finances we aim to give you the knowledge to understand them, the belief to take control of them and the confidence to then move forward in life .
The complexities on your finances caused by separation are numerous . It may mean that you now only have one income instead of two or there may be additional commitments on your income such as maintenance or school fees that previously may not have been there before. We have also seen situations where one party becomes a first time buyer because they were never on the mortgage of the matrimonial home. In essence , education is paramount.
We can advise you on the following
Income – What types of income can be used to assess affordability for a mortgage?
- Budget planners – how much are you spending?
- Are you jointly associated with another person?
- Credit reports – how to get the most out of your credit report and strengthen it. Help you understand your credit score and report. How to correct your report?
We work with the whole of the market and understand the criteria set down by each lender. Its not a one size fits all and we can guide you to the best solution.
Difficulties of Borrowing
- Maybe you are relying on one income when previously there were two ?
- Do you need help assessing and understanding your credit history and profile?
- Maybe you are divorcing later on in life and you are concerned that lenders will allow you to borrow beyond your retirement age ?
- Do you understand where the regulatory environment can be your friend or your foe?
- Only a truly independent and qualified professional can begin to navigate you through the minefield of rules, criteria and sentiment within the mortgage market
Lenders will assess income in different ways based on your employment status. You may also receive benefits or maintenance which can be included as an income type. You may have a 2nd job, zero hours contract. The list can be endless but we know how to assess income and what income to utilise in the correct way
It may mean that you will need to make some changes to your current borrowings and we can give you advice on whether this is viable. There are lots of things to consider here. Including current mortgage and lender. Early redemption penalties. You may wish to overpay your mortgage, you may need to sell your property. Your mortgage may suddenly be deemed unaffordable on one income. The list can be endless but we can review and guide you.