We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Affordability advice please?
Nervouslywaiting
Posts: 116 Forumite
Hi
We have been approved for a DIP for the amount needed on a house. Anyway, I then realised we hadn't added in my pension contributions and student loan repayments. I went on the company's affordability calculator and it said that we would only be lent around 40k less than what we need! I got in touch with my broker and asked him to clarify and he looked at my payslips but he says it will be fine with the amount we want to borrow, even with my pension and student loan added into the calculations. I'm worried to proceed to full application now. Should I just relax and ignore the affordability calculator? Is there any chance my broker is able to get something different to what the calculator says, or do I need to worry? Any advice appreciated!
We have been approved for a DIP for the amount needed on a house. Anyway, I then realised we hadn't added in my pension contributions and student loan repayments. I went on the company's affordability calculator and it said that we would only be lent around 40k less than what we need! I got in touch with my broker and asked him to clarify and he looked at my payslips but he says it will be fine with the amount we want to borrow, even with my pension and student loan added into the calculations. I'm worried to proceed to full application now. Should I just relax and ignore the affordability calculator? Is there any chance my broker is able to get something different to what the calculator says, or do I need to worry? Any advice appreciated!
0
Comments
-
@nervouslywaiting Pension contributions are usually ignored by most lenders. Student loan deductions are not. I myself wouldn't key in an app without having viewing the client's payslips and bank statement but hard to comment on the accuracy of the affordability calculations based on the limited info in your post.
I am a Mortgage Adviser - You 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
0 -
Who is the lender?As above, most will ignore pension contributions.Sometimes the student loan payments on its own won’t effect the calculator as there is some built in tolerance.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.0
-
It is Saffron Building Society.LRmortgage said:Who is the lender?As above, most will ignore pension contributions.Sometimes the student loan payments on its own won’t effect the calculator as there is some built in tolerance.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards