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Affordability advice
SophieAlexis84
Posts: 15 Forumite
Evening all,
Just looking for some opinions and advice.....
How much does the outstanding balance of credit commitments affect your affordability?
We gave all our figures to the mortgage brokers who then passed them on to NatWest and we got a AIP from them for the loan amount that we needed.
However now we are in the process of the full application and NatWest have decreased our Max loan amount by 35k. The brokers have said that this is due to the outstanding balance of £9000 for the loan (3.5 years to pay), the hire purchase car balance of £8000 (3.5 years) and my partners student loan (12k to go - he pays £150 per month at present)
We did declare these all in our monthly payments but it seems like the actual outstanding balances have drastically decreased our affordability.
Obviously we know nothing about mortgages and affordability etc but we have a sneaky suspicion that the underwriters aren't including our child benefit payments. They weren't showing on the bank statements that my partner submitted because HMRC hadn't changed the bank details when asked. He put a covering letter saying that we were entitled and being paid them but HMRC messed up and we were awaiting confirmation of award from HMRC. (which we now have)
When my partner double checked with the brokers that they were being taken into account they said yes they were included in affordability but to be honest I cant see that being the case as why wouldn't the underwriters ask for solid proof? It seems that at the moment they are just going off our word? We are going to triple check tomorrow, but i have feeling they were taken into consideration when we got the AIP but not now.
Or we are completely naive when it comes to mortgage applications and affordability and the intermediary calculators are way, way off?
Sorry for the jumbled post but if anything is unclear just ask!
TIA
Just looking for some opinions and advice.....
How much does the outstanding balance of credit commitments affect your affordability?
We gave all our figures to the mortgage brokers who then passed them on to NatWest and we got a AIP from them for the loan amount that we needed.
However now we are in the process of the full application and NatWest have decreased our Max loan amount by 35k. The brokers have said that this is due to the outstanding balance of £9000 for the loan (3.5 years to pay), the hire purchase car balance of £8000 (3.5 years) and my partners student loan (12k to go - he pays £150 per month at present)
We did declare these all in our monthly payments but it seems like the actual outstanding balances have drastically decreased our affordability.
Obviously we know nothing about mortgages and affordability etc but we have a sneaky suspicion that the underwriters aren't including our child benefit payments. They weren't showing on the bank statements that my partner submitted because HMRC hadn't changed the bank details when asked. He put a covering letter saying that we were entitled and being paid them but HMRC messed up and we were awaiting confirmation of award from HMRC. (which we now have)
When my partner double checked with the brokers that they were being taken into account they said yes they were included in affordability but to be honest I cant see that being the case as why wouldn't the underwriters ask for solid proof? It seems that at the moment they are just going off our word? We are going to triple check tomorrow, but i have feeling they were taken into consideration when we got the AIP but not now.
Or we are completely naive when it comes to mortgage applications and affordability and the intermediary calculators are way, way off?
Sorry for the jumbled post but if anything is unclear just ask!
TIA
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