Affordability (again!)

struggling-breadwinner

its the question of the week I think! lol

At the moment we have circa £900 disposable income after all outgoings inc, credit card, petrol, childcare and food.

However, if, as has happened with another poster on here, the bank were to ask for a statement they would see we manage to fritter away that £800 fairly effectively every month! hence we are downsizing.

Whent he banks look at affordability will they think "tut tut, they can't afford the mortgage they have - we're not lending" or will they look forward and think " they might be spending it all now but they are asking us for £150k less in mortgage so hence their affordability will improve"

I'm starting to get all panicy, we are trying so hard to extrapolate ourselves from a situation whcih is getting very difficult for us and I feel like we are getting stuck at every turn...

Mrs_Bumble

When an underwriter looks at a bank statement they are looking for account conduct, they are looking for credit cards and loans and regular bills that you haven't declared. so if you are exceeding your overdraft and incurring charges every month they are not going to be happy! If you are not doing that then try to chill!