What is classed as a ‘monthly commitment’ when going for a mortgage?

Hmsxxxx

When it comes to applying for a mortgage next year, our outgoings will look something like this
I’m trying to get an idea of the amount we could borrow using calculators but not sure what should get included as other commited spending and what they will already have taken into account themselves? If someone could shed some light for my own sanity, thanks!

Car tax £12
Council tax 105
Phone bill 28
Water 55
DFS sofa repayment 28
Life insurances 21
Dentist 13
Car insurance 100
Food 250
Petrol 120
Gas elec 70

kingstreet

Hmsxxxx wrote: »

When it comes to applying for a mortgage next year, our outgoings will look something like this
I’m trying to get an idea of the amount we could borrow using calculators but not sure what should get included as other commited spending and what they will already have taken into account themselves? If someone could shed some light for my own sanity, thanks!

Car tax £12
Council tax 105
Phone bill 28
Water 55
DFS sofa repayment 28
Life insurances 21
Dentist 13
Car insurance 100
Food 250
Petrol 120
Gas elec 70

Just the item in bold.

It's typically;-

credit
childcare
maintenance
school fees
student loan
ground rent & service charges
HTB equity loan.

Mortgage_Adviser

This also depends on the lender.
Some would include council tax.
And some would ignore childcare.

thriftylass

Strangely enough ours ignored childcare although it was way more than the mortgage payments. They also ignored OH's overdraft (2k in the red) but wanted to know about my CC (400 out of 5k used). Seems random.

amnblog

They are looking for items that you have committed to pay but your neighbour need not have done.

Standard items like rates, and bills are already factored in by the lender's system.

Hence the list correctly provided by Kingstreet.

csgohan4

Some count rail season tickets as well, to be fair it is expensive as well. Used to have a £500+ monthly season ticket, ridiculous

kingstreet

You'll tend to find my overuse of "typically" in answering such questions.

Yes, there may be lenders which request other/more things than the norm, but you'd be here all day with trying to cover them all off.

The ones I listed are usually what's left after a lender has used ONS figures for day to day living expenses.

Hmsxxxx

Thanks a lot!