Obtaining Morgage Certificate

Justiceforme

Hi, hope someone can provide some advice on my question.
Long story, cut short. Male relative going through final stages of divorce.
Solicitor has asked him to obtain a mortgage certificate.
Can anyone recommend the best way of doing this?
Does he need to visit a mortgage broker in person or could this obtained via an online broker?

Thanks in advance if you can offer any help.

G_M

What is meant by 'mortgage cetificate'(and why needed)?


Is this for an existing mortgage? Ak the lender!


Is he applying for a new mortgage? Use a broker to shop around and find the best deal and get an offer of a Mortgage In Principle.

Justiceforme

G_M wrote: »

What is meant by 'mortgage cetificate'(and why needed)?


Is this for an existing mortgage? Ak the lender!


Is he applying for a new mortgage? Use a broker to shop around and find the best deal and get an offer of a Mortgage In Principle.

Hi, person is going through a divorce as stated in post. It will be a new mortgage as the house will have to be sold off and proceeds split between him and ex.

G_M

So is the requested 'mortgage certificate' for the current house being sold, or something to do with a new mortgage application for a new purchase?

eddddy

Justiceforme wrote: »

Hi, person is going through a divorce as stated in post. It will be a new mortgage as the house will have to be sold off and proceeds split between him and ex.

Why is a "Mortgage Certificate" required?

What is it intended to prove?

It's more often called something like a mortgage "Agreement in Principle" - for when you're buying a new house. It's not usually binding on a mortgage lender.

Are you sure it's not something else that's required - like a "Mortgage Certificate of Interest" for the current mortgage?

Justiceforme

Hi, its intended to prove that the person in question is financially able to apply for mortgage and how much the mortgage would be in principle. This is required by the solicitor and judge in order for the division of assets between the divorcing couple.

Thanks

G_M

Then it's not a mortgage certificate.

You need a Mortgage In Principle. You can get one either from a bank/building society by going through your finances with their mortgage adviser, or via an independant mortgage broker who will search the whole market and find the best lender to match you circumstances.