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Nationwides "Affordiablity Cauclator" is seriosuly messed up
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Are "normal" travel expenses statistically calculated or are the figures just guessed by Nationwide?0
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Nationwide don't do a lot of 'guessing' - the regulator has a problem with it.
The ONS seem to provide most of the information the Lenders rely on.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 -
They use the ONS stats for the same size household, so you don't get questions about food, mobile phone, Sky etc.
The only things you need to enter are out of the ordinary or non-standard, such as childcare, maintenance etc.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
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:
Not madness at all. £1,300 is the capital you would repay in a 25 year period (300 months) at £100 per annum. In addition you would would repay around £1,050 in interest ( at an average rate of 5%).
If you were a saver you'd know that oak trees grow from acorns.
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kingstreet wrote: »
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.
e.
So ONS stats only show leisure travel expenses rather than work and leisure? I assume that's because work travel expenses vary so widely.0
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