How your outgoings influence your credit score

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Your Outgoings

Mortgage providers will look at your other outgoings in order to determine how much money you have available for mortgage repayments at the end of each month, after all your other payments have been made.

Before approaching a lender, it is worth ensuring that you have calculated your usual monthly expenditure, and that you have included all likely costs. In particular, banks will be interested to know about:

Existing payments on other loans, hire purchase, store cards, credit cards, and overdrafts.
Alimony, child-support, or other similar payments.
Your typical monthly household utility bills, including mobile and landline telephones.
How many mouths you have to feed each week.
Your expenditure on your car or other method of transport.
The payments into saving plans, ISAs, your pension, or other investments.

In addition, you should also be able to provide details of any additional income you may be receiving, such as rent, share dividends, benefits, or bonuses.

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