Nationwides "Affordiablity Cauclator" is seriosuly messed up

topcat007

Nationwide "Affordability Calculator" is seriously messed up the 15 minute one not the quick one.

For example the only figure i change as a variable is the house insurance no other boxes.

House insurance £400
Loan allowed: £76,700

House insurance £300
Loan allowed: £78,000

Really i can have a extra £1300 for a difference of a £100, what is this madness?!!! :eek:

DpchMd

So where's the problem?

Also isn't the house insurance field normally per month?

amnblog

Still trying to sort it out yourself TC?

topcat007

DpchMd wrote: »

So where's the problem?

Also isn't the house insurance field normally per month?

No this is annual.

I was just shocked at how much a small difference could make such a big difference to the loan amount.

topcat007

amnblog wrote: »

Still trying to sort it out yourself TC?

Afraid so , i am a bit stubborn

i did look at brokers today but thought i would give it a last try

kingstreet

If buildings insurance is costing £300 or £400 a year, I suggest you seek protection advice.

We do not enter that kind of cost in the broker calculator.

Same with council tax. We have a set amount we use and vary it only for a single person household.

TC - what did you enter for travel? Did you know you should only enter travel cost over and above the average the system allows for, such as a season ticket?

This is where broker experience counts for so much.

DpchMd

topcat007 wrote: »

Afraid so , i am a bit stubborn

i did look at brokers today but thought i would give it a last try

You should use a broker.

topcat007

kingstreet wrote: »

If buildings insurance is costing £300 or £400 a year, I suggest you seek protection advice.

We do not enter that kind of cost in the broker calculator.

Same with council tax. We have a set amount we use and vary it only for a single person household.

TC - what did you enter for travel? Did you know you should only enter travel cost over and above the average the system allows for, such as a season ticket?

This is where broker experience counts for so much.

Thanks for advice , very good of you!

Where do i seek protection advice or what even is it ? I would be very interested to know.

I took the council tax down by £300 and then could have a extra £4600 loan..

Applogies but what does this part mean "cost over and above the average the system allows for"? Hypercritical example does it mean the average person spends £30 a week on travel so if i spent £40 i would put £10 in the box?

westv

Are Nationwide on a special deal to boost broker clients?

Let_Us_See

kingstreet wrote: »

If buildings insurance is costing £300 or £400 a year, I suggest you seek protection advice.

KS £300 - £400 for B & C would be considered a bargain in some parts of the UK.

kingstreet

It doesn't include contents insurance, it's buildings only which is input.

Advice on protection, TC? Someone who advises on protecting your home and your mortgage so you get a realistic idea of the costs involved.

The bottom line here is you can fiddle around and complain about this or that making a difference, but what's important is what is realistic and what is going to be accepted by the lender.

For example, you don't input "normal" travel costs. You only enter those over and above normal for your size of household, such as season tickets.

No-one here is going to tell you what to enter and where, so a consultation with an independent broker would appear a prudent move.