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  • FIRST POST
    • pontiac custom catalina
    • By pontiac custom catalina 14th Oct 16, 6:55 AM
    • 4Posts
    • 1Thanks
    pontiac custom catalina
    Nationwide Loan on Mortgage Calculator ' Not Fit for Purpose ' !
    • #1
    • 14th Oct 16, 6:55 AM
    Nationwide Loan on Mortgage Calculator ' Not Fit for Purpose ' ! 14th Oct 16 at 6:55 AM
    Earlier this year I changed my Nationwide mortgage product to another of theirs and saved £114 per month by switching.
    Now planning some home improvements, so I rang Nationwide to borrow £18,000 over the remaining 18 years of mortgage which would equate to less than £100 per month - less than my mortgage before - and I failed the affordability test !
    I have a 100% payment record, was paying it comfortably before the reduction and nothing else has changed. Nationwide could offer no explanation other than ' computer says no ! '
Page 2
    • Thrugelmir
    • By Thrugelmir 15th Oct 16, 11:09 PM
    • 51,336 Posts
    • 43,186 Thanks
    Thrugelmir
    If the mortgage doubled I would still be able to afford it !
    Originally posted by pontiac custom catalina
    Many borrowers say that. Lenders not unsurprisingly disagree once the full facts and circumstances are known.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • Pixie5740
    • By Pixie5740 16th Oct 16, 12:30 AM
    • 8,873 Posts
    • 11,889 Thanks
    Pixie5740
    So you think refusing a re-mortgage on the grounds of 'affordability' even when it would result is lower payments makes sense, do you?
    Originally posted by GingerBob
    Would the repayments for the mortgage with the additional £18k of borrowing be lower than what the OP is paying now? The OP just remortgaged recently and now wants to borrow even more money so how would that lead to lower repayments. More debt = higher repayments unless the OP is also trying to extend the term.

    The way I read it was the OP used to have repayments higher than the current repayment + the additional borrowing not that the additional borrowing would lead to lower repayments than (s)he has now.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • Pixie5740
    • By Pixie5740 16th Oct 16, 12:33 AM
    • 8,873 Posts
    • 11,889 Thanks
    Pixie5740
    As I said before, what I don't get is the lack of explanation when you don't ' pass ' their test ? Why not say it's a, b, c, etc ? They just leave you clueless . And as the mortgage makes up less than 25% of income and it's well within their LTV range ....... I'm at a loss. If the mortgage doubled I would still be able to afford it !
    Originally posted by pontiac custom catalina
    Think about it. If lenders publicised the exact criteria for passing then that would mean people could poggle their figures (more so than happens already) to pass when really their financial situation means they shouldn't pass.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
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