Affordability Calculator

amnblog

Kc1983 wrote: »

My husband is 38. It's just not going to stack up.
How honest do you have to be on the calculators?

What kind of question is that?

kingstreet

As all the data you enter into the calculator is subject to verification by credit search, payslips and bank statements it would be pointless to lie on an application.

All that will do is see you losing fees you pay at the outset which are non-refundable.

Kc1983

The 99,000 is what they would offer just putting £80 petrol into expenses. I hadn't put utility bills and other outgoings in..like gym etc. when we did it came back 45,000.
As for the kind of question it is, this really does leave you in desperation mode! Some People have watered down the truth in the past but with new rules..it would be picked up remotely. I think.
Depending on you're means you live differently, so spending money on a holiday and other items and luxuries this year doesn't mean we would do in the future. All we want is a family home, we feel we have enough money to do it, had an aip a couple of months ago for double the amount and now with now affordability calculators it's been cut in half.

DebtFree14_2

Kc1983 wrote: »

The 99,000 is what they would offer just putting £80 petrol into expenses. I hadn't put utility bills and other outgoings in..like gym etc. when we did it came back 45,000.
As for the kind of question it is, this really does leave you in desperation mode! Some People have watered down the truth in the past but with new rules..it would be picked up remotely. I think.
Depending on you're means you live differently, so spending money on a holiday and other items and luxuries this year doesn't mean we would do in the future. All we want is a family home, we feel we have enough money to do it, had an aip a couple of months ago for double the amount and now with now affordability calculators it's been cut in half.

Same position mate! So far I have cancelled sky, waiting to cancel BT and 02 phone contracts in 2 months. The next 5 or 6 months are going to be pretty quiet for me not going out keeping the bank account healthy and doing everything they want me to in order to be able to afford a £700 a month mortgage (I currently overpay £1000 on my credit card each month and only have 2 months left before its cleared) even thats not good enough.

Its going to be tough be in all fairness I know that when I get a mortgage I will be in a much better place

Kc1983

I just don't know what to do, going to have to do the same, but I still don't think it is enought. Not talking 10,000 or even 20,000 but so much difference! Feel like we've been given the short straw

Kc1983

We just desperately want and need a family home. Our circumstances have changed since I bought our place and we need rooms. If the calculator read what it did in February we would be fine but not the case now. I really think people are going to be priced out of the market and forced to rent.

kingstreet

Try different lenders' calculators, Nationwide isn't one of the most generous lenders in the first place.

sulphate

Personally, I found the mortgage calculators really unhelpful in that most of them only told us we could borrow about £60k, in the end I gave up and went to see a mortgage advisor. We managed to buy our first home last year with a much bigger mortgage . The mortgage is affordable and will remain so even when interest rates rise (it was stress tested).