halifax intermediaries calculator question

gentlewoman

Can anyone please tell me what monthly expenses are included in the *Credit Commitments monthly payment to remain* box in the Halifax Intermediaries affordability calculator?

Am I correct to include in that box childcare costs in the form of childcare vouchers amount?

How about credit card payments (minimum amount)? Where do I add those, do I need to add them at all (since the calculator is asking for my total CC balance already)?

And about council tax, service charges, and travel card costs, do I need to add those or not? (perhaps Halifax estimates them based on statistics?)

Thank you.

kingstreet

Card balances go in the card balances box. It works out the payment based on 5% of the balance itself.

In the credit commitments box you enter;-

Childcare
Ground rent & service charges
Loan payments
HP payments
Maintenance payments
Student loan payments
Season ticket or travel card payments
3% of equity loan on HTB - Equity Loan cases.

Basically, anything unusual goes in there.

"Normal" expenditure is taken care of by ONS stats for the size of the household, so don't enter council tax, utilities, mobile phone costs etc.

gentlewoman

Thank you very much.

gentlewoman

How about my own pension contribution?

Also, regarding childcare vouchers, they are through salary substitution but I don't get taxed on them. Should I lower the gross salary by that vouchers amount and not enter childcare costs at all then? (assuming they cover all needs?)

kingstreet

Ignore pension contributions.

Lenders use gross annual income, so leave it alone. Simply enter your childcare costs as mentioned earlier. Enter the total if some is vouchers and some is excess over that.