Affordability on a remortgage

Waldorf_Statler

I remortgaged recently after being in a 5 year fix. 5 years ago the lender scrupulously went through 6 months of bank statements and came back with questions about every line of significant expenditure.

The remortgage I just did had none of that. They must have based my expenditure on averages related to what they knew about my circumstances. As Thrugelmir rightly says, expenditure can be manipulated - just as your post suggests you would do for the next 3 months.

Clear your credit card balance, if you have one. But it seems lenders do their sums on what your mandatory outgoings are rather than discretionary spending.

nobblyned

smichr wrote: »

As with Dalo, were you already with Santander or switching? My LTV is down to 67% and income multiple will be just under 4.

We were switching from nationwide to Santander. LTV about 45%.

[Deleted User]

smichr wrote: »

Are you with Nationwide already or switching to them?

I'm switching from Natwest.

chelseablue

We took out our mortgage this year with Halifax.


But we went through a broker, he asked what we owed on credit cards and how much our childcare was and any car costs.


He didn't drill down into food, gas, electric etc


It may of helped that I bank with Halifax and they could just look straight in the account and see what we spend anyway