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Mortgage affordability
ericonabike
Posts: 343 Forumite
A young friend of mine has separated from his girlfriend after living together for around two years. The mortgage is in joint names. He is going to remortgage in his sole name, but is concerned that the lender [Santander] may say he is unable to afford the repayments on his own. He meets the 'multiplier' factor as far as his wages go, but is worried about the financial questions re income and outgoings. I have no experience of this - what level of detail is required, and what is included ? Is it like the debt forms one completes when looking to get loan payments reduced? Or not so thorough? Any info, and especially a link to a from if one exists, much appreciated.
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Comments
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Can he afford to buy his ex partner out?0
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Most lenders use ONS figures for general spending but then actual repayment on credit cards and loans.
Whoever the lender is, go to google and just put LENDER affordability calculator. Get him to plug the figures in and see how it comes out.I am a Mortgage AdviserYou 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.0 -
Your friend is not limited to his currently lender to buy his ex out.
Since each Lender calculates affordability in different ways you are looking for something that does not exist.
Your friend should probably approach his current lender in the first instance, then a broker if the current lender will not accommodate him.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
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