Nationwide calculator help and how to choose a broker

hanfrangipane

Hi,

I'm just filling in the Nationwide affordability calculator on the intermediary site. Can anyone advise what items I need to include in the following category?

'Lastly, are there any other regular monthly costs that your customer has, which you think we need to know about?'

I have filled in all the other information per the guidance ie student loan, I have no loans, credit card balances or other debt, have put my usual travel costs. I initially thought that this box needed to be everything such as anticipated bills which brought out a really low loan amount. Council tax and insurance is further down in the questions so would this box just be anything that I'm actually comitted to ie gym membership and car insurance?
　
I'm planning on speaking to a broker soon in order to get a DIP - thinking of speaking to L+C as a starting point since it's fee free, just to get a feel for my options as a first port of call.
I'm a fairly straight forward case I think, clean credit file, decent income and I'm borrowing at the lower end of the usual affordability calculations. I have a small deposit (5%) but I think this should be the only area which limits my choice too much - would there be benefit to going to a different whole market broker?

Thanks!

Han

kingstreet

I put nothing out of normal expenditure in there.

I only use it for the small monthly maintenance charge one of our builders levies for a freehold house as the service charge box only appears for leasehold property.

hanfrangipane

kingstreet wrote: »

I put nothing out of normal expenditure in there.

I only use it for the small monthly maintenance charge one of our builders levies for a freehold house as the service charge box only appears for leasehold property.

Great - thanks! I initially put in all my estimated bills and outgoings, food, gym etc of about £750 and ended up with an indiciative amount that would probably just about buy me a garage - oops!

kingstreet

If you haven't already done so, reading the affordability guide from the lending criteria would be a good idea;-

http://www.nationwide-intermediary.co.uk/lendingcriteria/general/income

Outgoings are further down the page.

hanfrangipane

Ah, Excellent. Thank you!

The intermediary site doesn't show up particularly well on my ancient browser at work, I'll have a better look at home tonight

ACG

The broker will check affordability, you dont need to do it.

Also I would advise against using L&C and then reassessing.

At the minute you are doing the work, L&C will and then maybe another broker will. I would suggest either do it yourself, use L&C from the outset or use another broker from the outset.

Doing them all will not do you any favours.

hanfrangipane

ACG wrote: »

The broker will check affordability, you dont need to do it.

Also I would advise against using L&C and then reassessing.

At the minute you are doing the work, L&C will and then maybe another broker will. I would suggest either do it yourself, use L&C from the outset or use another broker from the outset.

Doing them all will not do you any favours.

Thanks ACG,

I always thought it was best to use a broker but then check yourself as well in case there are better rates available directly? What I've read on other threads is that people have managed to get a few better deals directly and then there's obviously the ones who either don't deal with brokers or have different rates available.

I'd obviously like to keep my costs down as far as possible so doing it myself appeals in that sense, but given that I'm a FTB then a broker would obviously be a good safety net.

I'm doing the work initially as I want to have a good idea of what I'm dealing with before I speak to anyone. I'm numbers minded (being an accountant!) so I like to see the sums for myself working out things with a few different rates etc