Sjk Posted August 3, 2017 Share Posted August 3, 2017 Do you know what they expect? At the moment I have a spreadsheet based on average costs. Are they expecting a great level of detail? Thanks! Link to comment Share on other sites More sharing options...
ragg987 Posted August 3, 2017 Share Posted August 3, 2017 My mortgage company did not ask for too much detail. If memory serves right I submitted a simple spreadsheet which they asked me to summarise by key phases - e.g. cost to wall plate, etc. 1 Link to comment Share on other sites More sharing options...
MikeSharp01 Posted August 3, 2017 Share Posted August 3, 2017 No they will be looking at the big stuff and will use your credit file to check things like outstanding credit card balances and the like. Essentially they will look and see if you can afford it even when the mortgage rate rises - I think current stresses are set at about 7% so provided they think you can afford the monthly repayments at that rate, with everything else squeezed they will go for it. If they don't they may come back to you and ask how you would go about affording it. Given what @ragg987 has said I may have misconstrued your post! 1 Link to comment Share on other sites More sharing options...
Grosey Posted August 3, 2017 Share Posted August 3, 2017 31 minutes ago, MikeSharp01 said: No they will be looking at the big stuff and will use your credit file to check things like outstanding credit card balances and the like. Essentially they will look and see if you can afford it even when the mortgage rate rises - I think current stresses are set at about 7% so provided they think you can afford the monthly repayments at that rate, with everything else squeezed they will go for it. If they don't they may come back to you and ask how you would go about affording it. Given what @ragg987 has said I may have misconstrued your post! Could you clarify what you mean by "Current stresses are set about 7%"? Do you mean could I still afford my mortgage if interest rates went to 7%? Probably not! ? 1 Link to comment Share on other sites More sharing options...
Ferdinand Posted August 3, 2017 Share Posted August 3, 2017 6 minutes ago, Grosey said: Could you clarify what you mean by "Current stresses are set about 7%"? Do you mean could I still afford my mortgage if interest rates went to 7%? Probably not! ? Correct .. it is what the bank will simulate. 1 Link to comment Share on other sites More sharing options...
MikeSharp01 Posted August 3, 2017 Share Posted August 3, 2017 Yes around 6.5 - 7% - you can usually afford more than you think because the interest is only a proportion of the payment (assuming you have a repayment mortgage.) 1 Link to comment Share on other sites More sharing options...
Sjk Posted August 3, 2017 Author Share Posted August 3, 2017 Thanks all, sorry was going into a meeting so was rushed. The mortgage broker has asked for a copy of the plans and costs for the build. I assume to make sure that it's viable. So so I was wondering if it needs to be brief like rugg says or if they will be expecting it to the nearest screw. Link to comment Share on other sites More sharing options...
Ferdinand Posted August 3, 2017 Share Posted August 3, 2017 7 minutes ago, Sjk said: Thanks all, sorry was going into a meeting so was rushed. The mortgage broker has asked for a copy of the plans and costs for the build. I assume to make sure that it's viable. So so I was wondering if it needs to be brief like rugg says or if they will be expecting it to the nearest screw. Remember your broker is working for *you*, so will know that different lenders will want different amounts of information. There should be no worries about being completely candid with the broker. 1 Link to comment Share on other sites More sharing options...
Sjk Posted August 4, 2017 Author Share Posted August 4, 2017 Yes you do wonder sometimes.. Link to comment Share on other sites More sharing options...
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