Northern Rock Affordability check.???

martinstuart · 18 November 2010 at 11:56AM

Today been informed that me and my wife will have to fill out an affordability check form before we can apply for a maternity mortgage break.

Does anyone have any idea if this check includes a credit check and if anyone has ever failed the check as i now have a paranoid wife as we dont have the greatest credit rating.

Any help greatfull.

beecher2 · 18 November 2010 at 12:14PM

I'd imagine people do fail the affordability check, otherwise they wouldn't do them. They'll look at your ability to repay the arrears you'll build up. If you need help with finding alternative ways of financing the maternity leave, go onto the Debt Free Wannabee forums for help in budgeting - authorised arrears should be seen as a last resort.

Thrugelmir · 18 November 2010 at 1:08PM

NR would more than likely perform a credit check as part of the process.

Conrad · 18 November 2010 at 2:43PM

Of course people fail them otherwise there would be no point the lender using them. It's common sense - your outgoings need to be as low as poss, and your'e income as high as poss. Good luck. One other way to temporarily reduce outgoings is to switch to interest only and then catch up again one day - many people do this.