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underwriters
storeton
Posts: 70 Forumite
what is the rule of thumb underwriters use to see wheather you can afford a mortgage.Asking for £160k on£42k earnings with loans of £22k and cards of £6k
They ask for earnings and offset any borrowings and credit cards what percentages do they generally work on?
thanks
They ask for earnings and offset any borrowings and credit cards what percentages do they generally work on?
thanks
0
Comments
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Depends on the lender..some are tighter than others...wouldnt expect you to get 160k with yr exisiting liabilities...how much a month do you pay to loan&cc?0
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You need to annualise all loan payments and then deduct from your income.
You need to annualise your c/c payments at3% or 5% depending on which lender, and deduct from income.
You can then apply income multiples/affordability calculator to remaining income.
However lots of affordability calculators take more than this into account.I am a Mortgage AdviserYou 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.0 -
There are no rules when comes to underwriters!!0
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JA,
You have never written a truer word.
Could they be the missing link?
Thanks everyone for info much appreciated
storeton:beer:0
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