Power of Attorney for Mortgages
Power of Attorney for Mortgages – Power of attorney for mortgages refers to instances in which power of attorney is delegated by someone – referred to as the “agent” - to an individual - referred to as the “attorney-in-fact” – to handle their financial affairs concerning mortgages. In many instances, power of attorney for mortgages is granted due to illness. Power of attorney can have various degrees: from specific powers for a limited time, to a general power of attorney. Mortgage lenders will require that a limited or specific power of attorney is used; documentation must be provided to prove that rights have been assigned to the attorney-in-fact to sign all relevant paperwork on behalf of the agent.
Power of Attorney for mortgages can be tricky to negotiate and require the advice of a qualified solicitor in most instances. This process needs to be carried out so it is clear to both the agent, on behalf of the borrower, and the lender what the power of attorney does and does not include, and any specified time period for such powers. Many lenders may be reluctant to grant new borrowing for power of attorney mortgages, being a specialist financial product and requiring specialist mortgage products in some instances.
At Capital Fortune, our specialist team of mortgage brokers have years experience finding mortgages for our clients. We carry out an extensive fact find for all our clients, researching all the relevant details before selecting the appropriate mortgage products for you from lenders. As power of attorney for mortgages can be relatively complicated, it is important you get the advice you need for your situation, to save you from applying for inappropriate products.
Call our mortgage broker team now on Mortgage Enquiry Online. As part of our service, we will call you back.or complete the