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Mortgage calculator- Monthly commitments
Natztastic2
Posts: 171 Forumite
Hi all, just a quick question.
When looking at a mortgage calculator to see rough guides of how much a company might lend, it has a box that says month commitments. This is credit card, loan, store car payments etc. In this box, do I put the minimum payment amounts for these things? At the moment I am paying higher figures to clear them quicker, but obviously having a lower figure monthly would increase the amount they are likely to lend.
Thanks in advance
When looking at a mortgage calculator to see rough guides of how much a company might lend, it has a box that says month commitments. This is credit card, loan, store car payments etc. In this box, do I put the minimum payment amounts for these things? At the moment I am paying higher figures to clear them quicker, but obviously having a lower figure monthly would increase the amount they are likely to lend.
Thanks in advance
LBS 95% LTV Shared ownership application
3/8 DIP agreed5/8 Applied for plot with HA
13/8 Accepted for plot with HA
19/8 Full application with Leeds
23/9 Valuation completed and OK
25/9 First questions and soft credit search
29/9 Confirmed answers to LBS direct as my MA couldn't get through we're told it would join 12 day underwriting queue again
01/10 Received letter about initial search through the post dated 25/9
We were told we should hear something by the 20th.
14/10 Mortgage offer received (working day 40)
23/10 Completion and moved in!
0
Comments
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Credit cards it would normally be 3% of the balance but I have seen 5% so it will depend on the lender.
Loans and car payments it would be your contractual payment.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 -
Thank you so much
LBS 95% LTV Shared ownership application3/8 DIP agreed
5/8 Applied for plot with HA
13/8 Accepted for plot with HA
19/8 Full application with Leeds
23/9 Valuation completed and OK
25/9 First questions and soft credit search
29/9 Confirmed answers to LBS direct as my MA couldn't get through we're told it would join 12 day underwriting queue again
01/10 Received letter about initial search through the post dated 25/9
We were told we should hear something by the 20th.
14/10 Mortgage offer received (working day 40)
23/10 Completion and moved in!0
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