Nationwide Loan on Mortgage Calculator ' Not Fit for Purpose ' !

Pixie5740

GingerBob wrote: »

So you think refusing a re-mortgage on the grounds of 'affordability' even when it would result is lower payments makes sense, do you?

Would the repayments for the mortgage with the additional £18k of borrowing be lower than what the OP is paying now? The OP just remortgaged recently and now wants to borrow even more money so how would that lead to lower repayments. More debt = higher repayments unless the OP is also trying to extend the term.

The way I read it was the OP used to have repayments higher than the current repayment + the additional borrowing not that the additional borrowing would lead to lower repayments than (s)he has now.

Pixie5740

pontiac_custom_catalina wrote: »

As I said before, what I don't get is the lack of explanation when you don't ' pass ' their test ? Why not say it's a, b, c, etc ? They just leave you clueless . And as the mortgage makes up less than 25% of income and it's well within their LTV range ....... I'm at a loss. If the mortgage doubled I would still be able to afford it !

Think about it. If lenders publicised the exact criteria for passing then that would mean people could poggle their figures (more so than happens already) to pass when really their financial situation means they shouldn't pass.