What disposable income do lenders want?

katebyrne

So sorry for all of the questions!

I have been driving myself crazy (like most people, I know!) about the mortgage we've applied for with Bluestone.

What sort of disposable income do they want to see after mortgage payments and all bills, including food costs etc. 2 adults, 4 kids. Any help would be massively appreciated, going out of my mind!

ACG

It varies from lender to lender but your application is past the affordability checks from what you have said on other posts.

katebyrne

Thank you for the info. The reason I'm curious is because they've said it's not been to an underwriter yet. Only a case manager. Surely the underwriter is the one that has to deal with affordability etc? But they have ready done a credit check. So confused!

ACG

Broker does it and then the case assessor does.
The underwriter may also check it (I am not sure) but I have never had any questions raised on the affordability front once it gets past the assessor.

I am 99.9% sure you are through the affordability checks with your lender.

kingstreet

The Bluestone system establishes affordability during the application process, offering only products where affordability is met. For example, an application tight on affordability might only be offered a five year fix.

The supporting documentation is checked after the application is submitted and the only way affordability would then be questioned is if there was some issue over the evidence of income provided or undisclosed credit on bank statements.

katebyrne

Thanks both of you.

Apparently our application is with the underwriter as of early this afternoon, so fingers crossed we hear something soon!