We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Affordability Calculations
Jennie2827
Posts: 45 Forumite
Does anyone know how most lenders assess affordability? Is it on an affordability calculator and if the number crunching works the box is ticked? Or do they sit and tally up all your cost of living expenditures? Or maybe a combination of both?
0
Comments
-
Each lender varies and there's no hard and fast rule anymore.
They will look at income, and outgoings (loans etc.) and make a judgement based on that.
What you think you can afford each month they might not.0 -
Wrong thread for this post, sorry.0
-
Jennie2827 wrote: »Does anyone know how most lenders assess affordability? Is it on an affordability calculator and if the number crunching works the box is ticked? Or do they sit and tally up all your cost of living expenditures? Or maybe a combination of both?
As of this month they will check your income and all your outgoings.
The regulator has given them the responsibility to ensure that your mortgage is affordable now, and will continue to be so based on a projection of future mortgage rates.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards