Mortgage affordability calculations help???

cmac123

Hello
Currently going through Mortgage process, got our DIP, offer accepted on a house. 60% ltv ,

the Mortgage provider could potentially lend us up too £155,000 but we only need £135,000

Now I've been working out our monthly outgoings etc and they come to £1510.50 and we earn after tax ni etc £2531 at least my hubby gets commission which varies each month but this is the minimum guaranteed, (this is also including £20 extra a week for a takeaway)

we have over £1000 left each month for clothes , nights out etc.

Does this look favorable to the lender that we can afford the mortgage?

Any advice would be brill

Thanks

Thrugelmir

Have you allowed for an increase in interest rates in your budget?

hcb42

but they have already given you their decision and will lend you £155K. What is behind the question here?

cmac123

No I haven't actually what would you recommend ?

Thanks

cmac123

hcb - thanks for your reply ,

No reason I'm just wondering this is all new to us ftb ( I should of mentioned this at the beginning ) and doing it directly with Skipton (hubby has a satisfied default £118.00 and they approved us no problems I'm just preparing myself etc it's very nerve racking

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getmore4less

as long as the 1500 includes the mortgage looks ok. 1k discretionary spends give room to cut back when rates rise.

if you are still comfortable with rates at 5%-6% then you satify your own affordability criteria.

cmac123

Yeah that's included , thanks for ur help sending in the documents tomorrow etc

So nerve racking

Thanks