Customers must be able to afford the proposed mortgage payment together with their committed expenditure.
MPowered will compare a customers stated committed expenditure against expected expenditure using ONS data. Where there is a large discrepancy between the figures stated and estimated, MPowered may adjust the expenditure figures.
Regular expenditure items that needs to be included are:
- School fees
- Loans and credit card balances
- Any maintenance payments
- Student loans
- Ground rents, management charges and estate fees
- Other expenditure or commitments is unlikely/unwilling to forgo