Help with working out SOA please

peachyprice

billybarry wrote: »

Hi Donna

She pays the mortgage- £480, the unsecured loans - £390, Travel - £140 and the rest just goes into the pot as it were. We don't really break it down, you pay this I pay that.

it doesn't matter how it works in reality, for the purpose of the SoA you need to out the whole of the household bils down, and her contribution to those.

billybarry

chelseabun wrote: »

Hi Billy,

The OR isn't allowed to ask for details of your OH's income, and can't request her bank statements. On the SOA you only need to put her contribution to the mortgage (which will be all of it, as it's in her name!) and her contribution to the bills - add these together and put the total as her contribution to the household. The reason you have to put the mortgage and her contribution is that the OR knows you have to live somewhere, and you need to show the OR that you can afford to keep living there after BR.

So you put the whole amounts for all the household bills ie mortgage, utilities and housekeeping, then put her contribution towards these. Everything else will be your expenses only. Hope that makes sense! CBx

Hi

It's just that it will look like I am paying everything. Will the OR not be a bit unhapy with that?

chelseabun_3

Billy,

You need to break it down for the purposes of the SOA. Don't include the unsecured loan, as for the purposes of BR it's nothing to do with you. If it helps, put the totals of what she pays wholly for out of the household bills (ie the mortgage) then half the rest of the household bills. You don't need to put her travel expenses at all. HTH CBx

chelseabun_3

It won't look like you're paying everything, because there will be a contribution from your OH into your income, which will be very obvious on the forms. It's a nightmare to get your head around, isn't it!!

peachyprice

At a glance the household bills come to roughly £1250, your OH's contribution would therefore be around £625, but you can adjust this if you need to reduce your surplus.

peachyprice

chelseabun wrote: »

Three more buses!!!:D:D:D

Are you saying my bum is big :rotfl:

billybarry

chelseabun wrote: »

Billy,

You need to break it down for the purposes of the SOA. Don't include the unsecured loan, as for the purposes of BR it's nothing to do with you. If it helps, put the totals of what she pays wholly for out of the household bills (ie the mortgage) then half the rest of the household bills. You don't need to put her travel expenses at all. HTH CBx

Yes, but if I do that it will look like I have an excess I don't in reality have, or am I just not understanding this?

Sorry if I am being stupid.

billybarry

peachyprice wrote: »

At a glance the household bills come to roughly £1250, your OH's contribution would therefore be around £625, but you can adjust this if you need to reduce your surplus.

Hi Peachy

But by how much can I reduce it. If I say her contribution is £625, I need to add her travel - £120, Mortgage - £480, Secured loan - £390, Credit card - £30 making her total contribution £1645. She only earns £1100. Is that extra £545 not going straight onto my surplus?

I am a bit lost to be honest. Be gentle.

DON79

you do not need to add your wife's travel onto your soa - if your wife contributes £625 to your soa which represents the mortgage and 50% of all the bills - that leaves your wife £475 each month that the OR does not need to know anything about. that £475 is your wifes to spend exactly as she needs to, on anything she needs to.

then with your wife contributing £625 to the soa, if that contribution gives you more than a £99 surplus, then reduce the amount of your wife's contribution on the soa to give you less than a £99 surplus, preferably you want to have about a £50 surplus (or even less) so that if the OR says you are not allowed certain things, it will still not give you enough of a surplus to have an IPA.

Hope this helps.

if the loan is secured - this could be added to the soa but I am not sure, I thought it was unsecured?

chelseabun_3

billybarry wrote: »

Hi Peachy

But by how much can I reduce it. If I say her contribution is £625, I need to add her travel - £120 not on your SOA, it's her expense only , Mortgage - £480, Secured loan - £390 ditto, Credit card - £30 ditto making her total contribution £1645. She only earns £1100. Is that extra £545 not going straight onto my surplus?

I am a bit lost to be honest. Be gentle.

You only need to account for her expenses if they impact on your SOA. Her travel and debts are not part of your BR, so don't get included. So you don't include her travel, credit card, or secured loan. HTH!