Affordability Calculator - Low Mortgage Rates - Refinance_ Home

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Affordability Calculator - Low Mortgage Rates - Refinance_ Home Powered By Docstoc
					Lloyds TSB International Mortgage Service.

Lloyds TSB International Mortgages are based on AFFORDABILITY and INCOME multiples of 5x's an applicants income. To Qualify for one of our Mortgages, you must first see whether the applicant is Within Scheme . We look at an applicant's liabilities - A in relation to their total annual income - B. (the result is figure C) Next, we ascertain whether your client can afford the proposed monthly payments as well in addition to ongoing commitments. We have a look at the applicant's monthly income - D in relation to their monthly expenditure - E. Please complete the highlighted boxes with your (clients) figures. You will be able to assess your client's suitability at the bottom. CURRENT LIABILITES: Current OUTSTANDING balance of all Existing Property(s) (excluding amounts to be re-financed) Amount of new money required for either; (A) New Purchase (B) Re-Finance of exisitng property Total Amount of Liability MONTHLY INCOME STATEMENTS: Gross basic Salary Gross Commission income Housing Allowance (if not included in Salary) Gross Rental income If you are Self Employed: Director remuneration Dividend / Profit Sharing Other Monthly Income Total Annual Income Total Amount of Liability / Annual Income Part II INCOME & EXPENDITURE $ $ $ $ #DIV/0! B This is your affordablity multiplier (C.) $ $ $ $ ANNUALLY A




Net Monthly income Monthly Rental income Total Monthly Income

$ $ $


EXPENDITURE: Exisitng Monthly Mortgage Payment(s) New Mortgage Payment for new mortgage payments, visit the Loan Calculator at; to calculate potential mortgage payment. Monthly payments for Loans / Credit cards Total Monthly Expenditure Total amount of expenditure / Income $ #DIV/0! E This tells us how much of your monthly income will be used to service your debts.

As a rule, Lloyds TSB International Mortgage Service will only lend up to 5x's an applicants income. The amount your client wishes to borrow is #DIV/0! x's their income.

If the figure is less than 5 - then your client is within scheme and you should submit the application. If the figure is above 5 - then your client is classed as 'Wide of Scheme' and may not be accepted. Please contact us prior to submition for further clarification. #DIV/0! is the percentage of your applicant's income used to service their borrowing. If this is lower than 50%, it will be within scheme and should be. submitted. If this figure is above 50% - then your client is classed as "Wide of Scheme' and may not be accepted. Please contact us prior to submission for further clarification.


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