Mortgage affordability assessment

NS8685

Hello

I’m going to be applying for a mortgage next year and wondered how much was considered as part of the affordability test? I’m pretty sure that my pension, as well as expenses I’m unwilling to give up (eg. Insurance, phone contract) will be taken into consideration when calculating my affordability. However, what about expenses I would be willing to give up? For example, I have Sky TV and a couple of subscriptions. I also eat out sometimes and get my hair coloured professionally. Would these still be considered ‘regular’ spending and taken into consideration when calculating affordability if they appear on the bank statements used for my mortgage application? I have these things at the moment because I can afford them, but would be willing to give them up if necessary.

If anyone would be willing to shed any light or share their own experience of this i’d really appreciate it. 😊

Thank you!

Crumble2018

You’re overthinking it, as did I! We went through a broker, and had to put rough figures against categories like “leisure” and “other expenses”. We have an expensive gym membership, contact lenses, sky etc. Nationwide didn’t even request bank statements from us.

I’m sure all lenders are different, but we still got a mortgage with all those things, plus a hefty loan, and 2 car finance agreements.

kingstreet

Enter only what is requested in lender online calculators and see what you get.