EE: Assets and Liabilities

[SJR_Spencer]

Hi All,

There is a section in the application forms where there is a question on assets and liabilities along with the proof of funds. I bought a house on mortgage and need the following details:

1. Do I add the house as an asset despite being on mortgage? If so, how do I estimate the value of the house?
2. In the liabilities, do I need to add the present value of the mortgage left to pay?
3. Is the any rule that the CIC may have on the proof of funds based on the value stated in the assets and liabilities?

Thanks,
SJR_Spencer.

 

[SJR_Spencer]

Any help, please.

Thanks,
SJR_Spencer.

 

[thestunner316]

Hi All,

There is a section in the application forms where there is a question on assets and liabilities along with the proof of funds. I bought a house on mortgage and need the following details:

1. Do I add the house as an asset despite being on mortgage? If so, how do I estimate the value of the house?
2. In the liabilities, do I need to add the present value of the mortgage left to pay?
3. Is the any rule that the CIC may have on the proof of funds based on the value stated in the assets and liabilities?

Thanks,
SJR_Spencer.

i'm quite certain they dont ask for assets - certainly not fixed assets... liabilities yes they do ask

if you want to get a letter from your bank stating how much is left to pay on the mortgage and so on... go ahead and do so ... (this is called as a liability letter). but dont be too scared - house loan is very very common and it wont be counted against you.

for assets - you only have to show Proof of funds of whatever amount (depending on number of dependents) in your bank account... either 13.5k or 15.5k or higher (if you have more than 2 dependents)... this can be shown with bank statement for last 6 months,