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Advice when getting a decision in principle
Hhollylouise12
Posts: 7 Forumite
So me and my partner rent we have done for 2 years looking to buy , we’ve just started looking at decision in principle etc, and when filling one out it asks for monthly outgoings etc , do I need to include in this the bills for the flat I rent like water , electric and rent etc or is just things like phone bills and stuff you’d pay while having a morgage
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Comments
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It varies from lender to lender. Many use ONS figures for normal outgoings and ask only for credit commitments, childcare, maintenance, ground rent & service charges etc.
Some have a full budget planner to complete.
You need to enter what you are asked to enter. Can't really say more than that, sorry.I am a mortgage broker. 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 -
Yes fill it out for what you are paying now, gives them an idea of what level of spending you currently have and could manage with the size mortgage you are requesting."You've been reading SOS when it's just your clock reading 5:05 "0
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Thank you both I looked again went onto NatWest as we think that’s who we want to and it says this so no rent or utilities bills
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They want to know your expenditure for when you have the mortgage, so it's the costs you'll have after you move which are relevant - not rent for the place you're moving out of.0
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I would say if the application form alone is bringing up some doubts, safest bet is a broker - there are free-to-you ones like L&C, and at least they can give you advice on how to apply for a DiP even if you don't end up applying with them.
Credit card: £8,524.31 | Loan: £3,224.80 | Student Loan (Plan 1): £5,768.55 | Total: £17,517.66Debt-free target: 21-Mar-2027
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