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Mortgage stress test
Emliys
Posts: 2 Newbie
Hi all,
I’ve had an offer accepted on a house today (yay!) and am now looking at the next steps. I have an AiP and the lender’s affordability calculator is happy to offer me more than the amount I want but I’m aware that they are required to test to 3% higher than the SVR. Is the stress test taken into account by these affordability calculators or is it an extra test on top? If it’s the latter, I’m worried that I would be borderline and rejected!
Thanks for any help!
I’ve had an offer accepted on a house today (yay!) and am now looking at the next steps. I have an AiP and the lender’s affordability calculator is happy to offer me more than the amount I want but I’m aware that they are required to test to 3% higher than the SVR. Is the stress test taken into account by these affordability calculators or is it an extra test on top? If it’s the latter, I’m worried that I would be borderline and rejected!
Thanks for any help!
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Comments
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Stress test is done in the affordability calculator. Sounds like you are home and dry from the affordability point of view.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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Awesome news! Thanks for the speedy reassurance
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