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  • FIRST POST
    • cammo12
    • By cammo12 6th Dec 17, 10:02 PM
    • 77Posts
    • 16Thanks
    cammo12
    Affordability - Monthly Spend on Holidays
    • #1
    • 6th Dec 17, 10:02 PM
    Affordability - Monthly Spend on Holidays 6th Dec 17 at 10:02 PM
    Applied for a Santander mortgage today via a broker. In the affordability section (monthly spend on food etc) the broker said that Santander use national avergaes to fill this in. Food was £700, Bills £300. But the holiday spend was £0. I just accepted this and didn't think twice and submitted. Is it bad that this is £0 even though we go on holiday?
    Last edited by cammo12; 06-12-2017 at 10:31 PM.
Page 1
    • csgohan4
    • By csgohan4 7th Dec 17, 7:49 AM
    • 4,015 Posts
    • 2,497 Thanks
    csgohan4
    • #2
    • 7th Dec 17, 7:49 AM
    • #2
    • 7th Dec 17, 7:49 AM
    you go on holiday every month, do you even need a mortgage?
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • cammo12
    • By cammo12 7th Dec 17, 9:04 AM
    • 77 Posts
    • 16 Thanks
    cammo12
    • #3
    • 7th Dec 17, 9:04 AM
    • #3
    • 7th Dec 17, 9:04 AM
    Haha, no, the requirement is average monthly spend. So if you take 1 holiday a year at a cost of 2000 then the average monthly spend is 166.
    • Neutrinno
    • By Neutrinno 7th Dec 17, 9:31 AM
    • 151 Posts
    • 69 Thanks
    Neutrinno
    • #4
    • 7th Dec 17, 9:31 AM
    • #4
    • 7th Dec 17, 9:31 AM
    you go on holiday every month, do you even need a mortgage?
    Originally posted by csgohan4
    It needs a monthly average; annual divided by 12. £0 implies he will never have a holiday going forward.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • cammo12
    • By cammo12 7th Dec 17, 2:23 PM
    • 77 Posts
    • 16 Thanks
    cammo12
    • #5
    • 7th Dec 17, 2:23 PM
    • #5
    • 7th Dec 17, 2:23 PM
    It needs a monthly average; annual divided by 12. £0 implies he will never have a holiday going forward.
    Originally posted by Neutrinno
    So from your point of view as a broker, do you think this will be an issue? We have more than enough leeway in our monthly budget for this not to be a problem. It is just about whether or not they think it it is bad that we put £0.
    • cammo12
    • By cammo12 7th Dec 17, 2:25 PM
    • 77 Posts
    • 16 Thanks
    cammo12
    • #6
    • 7th Dec 17, 2:25 PM
    • #6
    • 7th Dec 17, 2:25 PM
    So from your point of view as a broker, do you think this will be an issue? We have more than enough leeway in our monthly budget for this not to be a problem. It is just about whether or not they think it it is bad that we put £0.
    Originally posted by cammo12
    Another point to add is that going forward we don't plant to go on holiday for the next few years - this is because our money will be going into the house as it requires a bit of work. So perhaps this is OK as it is going forward?
    • clairebeth
    • By clairebeth 7th Dec 17, 9:04 PM
    • 140 Posts
    • 52 Thanks
    clairebeth
    • #7
    • 7th Dec 17, 9:04 PM
    • #7
    • 7th Dec 17, 9:04 PM
    I'm still stuck on the fact that the national average spend on food is £700 a month!
    • cammo12
    • By cammo12 7th Dec 17, 9:55 PM
    • 77 Posts
    • 16 Thanks
    cammo12
    • #8
    • 7th Dec 17, 9:55 PM
    • #8
    • 7th Dec 17, 9:55 PM
    I'm still stuck on the fact that the national average spend on food is £700 a month!
    Originally posted by clairebeth
    The £700 was actually for "food and clothes". Also I'm in the South East, and perhaps this spend varies regionally.
    • Lokolo
    • By Lokolo 8th Dec 17, 11:07 AM
    • 19,851 Posts
    • 14,934 Thanks
    Lokolo
    • #9
    • 8th Dec 17, 11:07 AM
    • #9
    • 8th Dec 17, 11:07 AM
    I'd expect £700 for food and clothes for a family of 5. Not for an average family. The average household is 2.3 people. I would say, and being very generous, this is about £400 a month.
    • badmemory
    • By badmemory 8th Dec 17, 1:00 PM
    • 1,053 Posts
    • 1,114 Thanks
    badmemory
    The employees at Santander obviously need to spend some time on this site re housekeeping type costs but also need a reality check regarding bills!
    • spadoosh
    • By spadoosh 8th Dec 17, 1:19 PM
    • 4,673 Posts
    • 6,126 Thanks
    spadoosh
    OP i doubt it will cause issues.

    As long as you can afford to pay the mortgage i doubt santander care how many or the cost of holidays you take.

    Ultimately you need a fair representation of your finances. If youre not planning any holidays for a few years putting £0 in the holiday column is fair.
    Don't be angry!
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