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Our No Mortgage Capacity Assessments are offered at a reduced rate to help individuals obtain relevant proof, for use at court or during divorce/financial negotiations, that their financial circumstances clearly dictate that they are not able to secure a mortgage. With the effects Covid-19 is having on our economy and our jobs, more people are taking advantage of these assessments. If you find you are in one of the following categories, you may qualify for this type of assessment:

• Missed Mortgage Payments – If you have taken advantage of a 3-month mortgage holiday this should not affect your ability to obtain mortgage lending. However, if you have missed any mortgage payments this is likely to cause issues when obtaining any further finance. Highstreet lenders are likely to accept 1 or 2 missed mortgage payments if they at least 6-12 months in the past. Any recent missed mortgage payments will not be tolerated.
• Earnings affected by Covid-19 – If your earnings, especially for those who are self-employed, have or continue to be affected by Covid-19, in general, most mortgage lenders will not use this income whatsoever when calculating mortgage borrowing. So, if your business has suffered a loss of earnings due to lockdown, lenders are unlikely to use any income from this business when calculating mortgage borrowing.
• Furlough – Being furloughed should not affect your ability to qualify for mortgage lending. However, mortgage lenders are likely to use your reduced/lowest level of pay, not your pre-furlough pay, when assessing mortgage borrowing.
• Debt Management Plan (DMP) or Individual Voluntary Arrangement (IVA) – If during the pandemic you have found yourselves needing to enter a DMP or IVA, unfortunately this means that you are unlikely to obtain mortgage lending. Certain specialist mortgage lenders may offer mortgage terms to those in these circumstances; however, the lending will come at a premium with unattractive fees and high interest rates.

Simpson Financial Services ‘No Mortgage Capacity Assessment’ are offered at a reduced cost of £175.00.

If you would like to find out more please contact us via our website or call our Mortgage Capacity Expert, Natasha Palmer, free on 0800 6342 111.