Calculating Affordability for Woolwich - help

vickss

Need some urgent help with looking at my eligibility with Woolwich using their affordability criteria

Receive ~2700 per month net.
150 Council Tax for the house I intend to buy (Not one where I reside)
100 Elec Gas Water
300 Food
100 TV, Broadband, Phone, Mobile & misc bills
100 Car Insurance, Petrol, Maintenance
200 Car on PCP
----
950 monthly expenses
1750 remaining for mortgage & 'disposable income'.

I am a single-earner & have two dependents - wife & kid. So presume I am looking at a disposable income requirement of 793. Right? That would leave ~950 for mortgage repayment.

Now this 950 - will this be calculated at the Barclays affordaibility rate or the initial rate? I need a loan of 185K, how much expenses do I need to cut down on in order to reach Woolwich eligibility? Am I calculating everything right?

Pls help. Need to file papers next week - and came to know about affordability criteria just today. Am a first time buyer.

_Andy_

Have you rung them and asked?

vickss

_Andy_ wrote: »

Have you rung them and asked?

I didnt. Havent found them too helpful in slighly complicated questions.

Hopefuly the experienced ppl out here would be able to help...