The following outgoings must be declared:

• Monthly repayment cost of any HP agreements or loans, (including student loans)
• Credit card balances
• Monthly costs of childcare, nursery or school fees
• Monthly cost of IVA
• Monthly cost of other significant outgoings. These are outgoings that the applicant/s could or would not stop paying if they needed to reduce expenditure
• Monthly cost of mortgage payments that do not meet self-financing rules (see existing mortgages)
• Monthly cost of maintenance payments
• The monthly costs of all debts which will remain in place on completion of the mortgage are included as a deduction within affordability
• Any credit cards to remain in place on completion of the mortgage are included as a deduction with 3% of the total credit balance being taken
• Monthly costs of any mortgage payments that do not meet the self-financing rules or are not going to be let out
• Overdraft - 3% deduction of the highest overdrawn balance
• Monthly costs of any property charges - ground rent/service charge/estate rent charge(s)
• Monthly costs of any other significant outgoings  including running costs of second properties.

You need to tell us if the applicants are aware their income will reduce at any time in the future. Some examples may include:

• Loss or reduction of overtime or bonus
• Notice of redundancy
• Planned reduction in working hours
• End of contract working

Any financial dependants that reside within the same household will also be included within the affordability assessment.