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Affordability Calculator

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Assessment Type

Note: fields marked as required are required to complete the affordability calculation.

Required Loan Amount Known?

£

Please enter Loan Amount.

£

Please enter Property Value.

£

Please enter Deposit Amount.

Please enter a term.(1-40)

Annual Income Details

The affordability assessment can be performed on Single or Joint applicants using the appropriate selection. Should the application consist of more than two applicants, you should enter the details of the two applicants with the highest disposable income.

Applicant 1

Sole or joint?

Please select employment type.

THIS TEXT SHOULD BE REPLACED WITH CONTEXT SENSITIVE WORDING.

£

Income value should be greater than zero.

THIS TEXT SHOULD BE REPLACED WITH CONTEXT SENSITIVE WORDING.

Additional Income Details

£

Enter a number (zero or greater).

Please include

  • Large City / Area Weighting
  • Guaranteed Car Allowance
  • Guaranteed Shift Allowances / Bonus / Overtime / Commission
  • Private Pension Income
  • Rental Income after Mortgage Deduction
£

Enter a number (zero or greater).

Please include

  • Maintenance Payments with Court Orders (non-taxable)
  • State Pension
  • DWP Invalidity / Disability Payments
£

Enter a number (zero or greater).

Please include

  • Regular Overtime
  • Investment Dividends
  • Regular Bonus / Commission
  • Regular Shift Allowance (non-guaranteed)
  • Second Job
£

Enter a number (zero or greater).

Please include

  • Maintenance Payments with no Court Order (non-taxable)

Applicant 2

Please select employment type.

THIS TEXT SHOULD BE REPLACED WITH CONTEXT SENSITIVE WORDING.

£

Income value should be greater than zero.

THIS TEXT SHOULD BE REPLACED WITH CONTEXT SENSITIVE WORDING.

 

£

Enter a number (zero or greater).

Please include

  • Large City / Area Weighting
  • Guaranteed Car Allowance
  • Guaranteed Shift Allowances / Bonus / Overtime / Commission
  • Private Pension Income
  • Rental Income after Mortgage Deduction
£

Enter a number (zero or greater).

Please include

  • Maintenance Payments with Court Orders (non-taxable)
  • State Pension
  • DWP Invalidity / Disability Payments
£

Enter a number (zero or greater).

Please include

  • Regular Overtime
  • Investment Dividends
  • Regular Bonus / Commission
  • Regular Shift Allowance (non-guaranteed)
  • Second Job
£

Enter a number (zero or greater).

Please include

  • Maintenance Payments with no Court Order (non-taxable)

Monthly Deductions

This page of the assessment captures the monthly deductions per applicant taken from the salary. Please do not include Income Tax or National Insurance contribution deductions.

Applicant 1

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

Applicant 2

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

Monthly Commitments

This page of the assessment captures the monthly commitments per applicant.   Please detail any commitments that will be in place after the start of the new mortgage.   Exclude any commitments with less than twelve months to run.

Applicant 1

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

Please declare here any monthly rent that will be paid by any of the applicants after this mortgage has been completed. For example, rent payable to a Housing Association on a Shared Ownership property or rent paid by self build customers who will live in rented accommodation while their property is being constructed.

Applicant 2

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

£

Enter a number (zero or greater).

Please declare here any monthly rent that will be paid by any of the applicants after this mortgage has been completed. For example, rent payable to a Housing Association on a Shared Ownership property or rent paid by self build customers who will live in rented accommodation while their property is being constructed.

Monthly Outgoings

Please detail the combined monthly outgoings for all applicants. Please enter only those outgoings that will be in place after the start of the new mortgage.

Outgoings

£

Enter a number (one or greater).

This is the tax levied on a household by the local authority. The rate is set according to the estimated value of the property and the number of people living in it. The annual charge is usually paid over 10 months. Please provide the monthly average here.

£

Enter a number (one or greater).

This should be a combination of Utilities, e.g. Gas, Electric, Water, Telecoms.

£

Enter a number (one or greater).

This should include premiums for any monthly Insurances; e.g. Household, Accident Sickness & Unemployment and Life cover, as well as any additional insurances e.g. pet cover.

£

Enter a number (one or greater).

Monthly amount paid for lifestyle choices i.e. food, socialising, club memberships, mobile telephones, internet, subscription TV, gambling etc.

£

Enter a number (zero or greater).

Payments made into investments, requiring sustained or fixed term funding.

£

Enter a number (zero or greater).

Only include pension contributions that are not made through payslip deductions.

£

Enter a number (one or greater).

Amount incurred monthly for public & private travel expenses, e.g. fuel, rail tickets, car parking, season ticket, bus pass, car insurance etc.

£

Enter a number (zero or greater).

This includes any education and childcare fees. We require a monthly figure, so if paid annually or per term, please calculate the monthly average. Do not include childcare vouchers which are deducted from their salary.

£

Enter a number (zero or greater).

Please include any service charge and/or ground rent that is payable at the property. We require the monthly amount, so if paid on a different frequency, please provide the monthly average.

£

Enter a number (zero or greater).

Where there are any other monthly outgoings, these will be regarded generally as ‘other’ and should be declared here.

Previous

Affordability Assessment Result

Total Requested Borrowing
LTV of Property Value
Deposit/Equity
Max LTV Under Current Policy
Mortgage Sub Under Affordability Rules
FDI+Contingency-AppliedForSub
Term Of Loan (Years)
Max Borrowing

The affordability calculator is for guidance purposes only. Your income and expenditure will be verified as part of our underwriting assessment and will be subject to our wider lending policy.

If the calculator provides a lower amount than that requested and you wish to discuss further please contact the Society on 01664 414141.