ING are mean.

podwin

I am trying to get hold of some cash to add a conservatory to our house to be used as a dining room, freeing up space for the kids to play.

My mortgage is with the ING, the house was purchased at the end of 2007, I haven't missed any payments, I have a 999 credit rating and have paid off 10% of the mortgage in three and a half years, yet they state I do not meet affordability to borrow even their minimum requirement of £5k!

Adding 5K would still be less than the mortgage was three and a half years ago, yet now, I (according to them) can't afford it??

That is why ING are mean, and I feel like taking my business elsewhere.

Grrrrr

ILW

Take your business elsewhere then. Do you have a decent amount of equity?

podwin

Yes, the mortgage is only 30% of the original purchase price.

Is a "Whole Market" mortgage advisor my best 1st step, or one of the comparison websites?

kingstreet

Kids?

Go and have a play on the ING affordability calculator and see the impact a couple of kids has on your borrowing power!

http://www.ingdirect.co.uk/mortgages/mortgage_information/borrow_amount_sa.asp

A couple on £20k each with no credit costs and no kids get £180k over 25 years.

Add two dependents (leave maintenance and childcare blank) and that borrowing power drops to £122k. That's a charge of £58k for simply having children.

£58k over 25 years is around £339 per month at a 5% mortgage rate. I can't imagine many people's household expenses go up that much if they have a couple of kids.

podwin

Ah, we have an extra rug rat since taking out the mortgage, they did ask about dependants, that's probably it then, I see.

Thanks!

maninthestreet

kingstreet wrote: »

Kids?

Go and have a play on the ING affordability calculator and see the impact a couple of kids has on your borrowing power!

http://www.ingdirect.co.uk/mortgages/mortgage_information/borrow_amount_sa.asp

A couple on £20k each with no credit costs and no kids get £180k over 25 years.

Add two dependents (leave maintenance and childcare blank) and that borrowing power drops to £122k. That's a charge of £58k for simply having children.

£58k over 25 years is around £339 per month at a 5% mortgage rate. I can't imagine many people's household expenses go up that much if they have a couple of kids.

£339/month = £11/day extra - easy to spend that with two extra people to feed and clothe.

neverdespairgirl

Add in childcare and you get way over that.

ACG

You will still have a number of options:
a second mortgage,
a loan,
credit cards,
moving your mortgage elsewhere with some extra borrowings.

trulysaintly

Some lenders assess having children differently - for example Woolwich have employed economists to calculate the true estimated costs monthly for kids, and it's much fairer.

Affordability Calculators were designed when lenders struggled to fit income multiples, now they're so detailed an extra sproglet can make all the difference..

opinions4u

Consider the conservatory plan very carefully.

Too hot in the summer. Too cold in the winter.

If it's to be used as a year round room it can be very expensive to heat / cool to an acceptable temperature.