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RDW

How Does This Work ?

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Your expenditure commitments is too high.

Your monthly take home on 44k is £2721.77 (http://www.thesalarycalculator.co.uk/salary.php)

You have specified £1500 in other credit commitments (personal loans, car loans etc.. it states not to include living expenses, clothes, food etc..) so you only have £1071.77 to actually live on (and pay a mortgage) for yourself and 1 dependant.

Edited by Squeeky

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Excluding living expenses, clothes, food or utilities

Doh !!

what are living expenses?

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what are living expenses?

£110 a week for everything else.....travel to and from work, food, heating, light, communications....what about unforseen unexpected expenses?

No wonder there are those that have no money left to spend in helping grow the economy....not as if they can afford to take up more debt to see them through...

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They seem to have some formula to decide how much you can live on, based on your income and number of dependants.

With an income of 44K and 1 dependant, it believes you can live on £934.01. Whereas your current life style consumes £1500 a month. You may want to take into account that your monthly spend may have to take a significant hair cut to be affordably by their calculations.

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The mortgage affordability calculations have been used in Ireland for several years. In essence the bank wants to know your (joint) incomes and how many kids you have. They then tell you how much they are willing to lend to you.

If you are on average income, 2 kids and the o/h is not working then essentailly you can't afford a mortgage.

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