Affordability calculator...

skylineonfire

Hi all,

How accurate are Intermediary affordability calculators? I used the Santander intermediary one that my broker used and got the same result which is much better than we expected, giving us 10k more than we need for our mortgage.

So long as we've inputted all the info correctly (we have) How are the odds to actually get this approved by Santander?

Thanks

Lotak

Affordability calculators are all based on slightly different models. The one that the broker gives Santander will be the one that Santander base their affordability on, so it is likely to be accurate, so long as the data you put in matches the data that they put in.

However, since MCD, mortgage companies are required to stress test affordability, so you'll need to make sure that the £10k surplus you've got is after the stress test.

If so, I'd be fairly confident that, so long as what you've input matches what they will input, you'll be alright.

kingstreet

About 5/4.

skylineonfire

Do these calculators have a stress test model built in?

Lotak

skylineonfire wrote: »

Do these calculators have a stress test model built in?

I work for a lender and I can confirm that we have it built into our model. It's fairly easy to build in, so I'd suspect that lenders would probably do that anyway. Given that it's gone via a broker, I'd expect that it's also built into that too.

skylineonfire

Thank you very much, it's all pretty stressful and my first time so I'm just trying to learn all I can

Lotak

skylineonfire wrote: »

Thank you very much, it's all pretty stressful and my first time so I'm just trying to learn all I can

I'm pretty sure anyone that posts in this particular section has been there so we get it!

Good luck