Nationwide mortgage help

helpformortgage

Hi,

I have recently applied for a mortgage with nationwide of 104,000 pounds with 26,000pounds deposit and i have a personal loan of 10000 pounds which is not being used for the deposit and i pay fixed 188 pounds a month for 5 years at the moment my loan is 9000 pounds still have 4 years left and i have included this in the affordability my documents are still to be assesed by the underwriter,if he assess the documents will the underwriter undervalue the mortgage i will be looking for? I have a excellent credit history zero credit card payments. The survey has been completed and was satisfactory by the bank for 130,000. Thanks in advance.

kingstreet

Here's a copy of the Nationwide affordability calculator. Key in your details and see the output for yourself as we can't second guess the outgoings personal to you;-

http://www.nationwide-intermediary.co.uk/calculators/aff_calc

helpformortgage

I have checked this but it doesn't give me an answer all it says at the end it depends on the credit history.....
But as you are a adviser will there be any chances of reduction on the mortgage and the annual salary is 36,200

kingstreet

As I said, without knowing your outgoings, it's impossible to speculate. The Nationwide affordability calculator gives a figure based on the requested mortgage term if you fully complete it.

For that, you need to enter dependents, travel expenses, council tax, buildings insurance etc.

Westminster

Blimey - I plugged some numbers in and it said they would lend a hairs breadth over 7x my income??

EDIT: I assumed something must be wrong - so as they asked nothing about council tax, utilities etc (and clearly they are not using ONS standard figures it would seem) I added all this up and put it under 'Any other outgoings we should know about' and it still came in a 6.5x

kingstreet

As I'm completing one, on the outgoings page it asks for;-

Loans
Secured Loans
Deferred payment
Student loan
Credit card balance
Childcare
maintenance
School fees
Additional dependent costs
Travel costs
Other regular expenses
Council tax and buildings insurance.

Ensure you enter the property details early on, such as price, freehold, semi etc.

Westminster

Well I did see an error where I put an annual figure for child benefit instead of a monthly figure (and now the maximum loan is somewhat more sensible at just over 5x).

I get all the loan and childcare related questions but no breakdown of other regular outgoings. I still don't get the council tax / buildings insurance question. (I did say that I had not found a specific house yet so was only asked the value and no further details).

Maybe the salary / LTV (50k and 69%) reduce the information they want?

The only box to insert all my outgoings are in: "Lastly, are there any other regular monthly costs that your customer has, which you think we need to know about?". If I leave that blank then max loan is 260k, if I insert council tax, utilities, groceries etc of £660/month then total loan becomes £163k

kingstreet

If you say you have found a property, it will add the extra boxes I mention.

You do not need to add normal household outgoings, it uses ONS figures for that, supplemented by your specific personal outgoings which it lists.

The "anything else" box I only use for regular cost hobbies/pastimes like gym etc.

Westminster

Well that's a relief - thanks for clarifying that