A Naive Mortgage question

beardy_dad

When you apply for a mortgage and you have to list your outgoings, do you include your rent. My mate says you do, but I don't think so as that outgoing would be the mortgage repayment instead. Who's right.
Thanks
Beardy Dad

lawriejones1

Yes. It will be on your bank statements anyway, but it all helps to paint the picture of how you manage money.

kingstreet

I can't think of a lender which is interested in how much rent you pay. It may make sure you've paid it on time, but as the rent ends when the mortgage starts, it carries much less importance say, than a loan or hire purchase agreement.

outdoorcjc

I was asked about how much rent I pay when applying to Woolwich. I think as mentioned above it's used as an indication of what you are used to paying out each month and to compare against the mortgage cost.