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Mortgage Calculator

pollyannaL
pollyannaL Posts: 127 Forumite
in Mortgages & endowments
Hi,

I have been using the various mortgage calculators online, and have always entered my student loan and pension (deducted from pay) as a 'monthly commitment' but am querying now whether my pension deductions should be classed as a 'monthly commitment'. As isn't this technically savings?

Any advice?

Comments

  • ACG
    ACG Posts: 24,682 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    It will depend on the lender to some degree, but as most lenders use your gross annual income (rather than net) then the monthly payments for the loan need to be accounted for somewhere and so commitments is usually the place.

    If in doubt, ask the lender. It is them who will be assessing your application.
    I am a Mortgage Adviser
    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.
  • da_rule
    da_rule Posts: 3,618 Forumite
    Sixth Anniversary 1,000 Posts
    My lender disregarded my student loan.
  • ACG
    ACG Posts: 24,682 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    da_rule wrote: »
    My lender disregarded my student loan.
    Did it have less than 12 months to run?
    I am a Mortgage Adviser
    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.
  • pollyannaL
    pollyannaL Posts: 127 Forumite
    thanks for replies.

    i have just looked at my credit report with Experian; i've noticed that my address on one property states i lived there two months before i was born. Says Jan rather than June? Will this be a major problem?
  • ACG
    ACG Posts: 24,682 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    No. (...needs to be 10 characters......)
    I am a Mortgage Adviser
    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.
This discussion has been closed.
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