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Retirement Affordability Calculator

What income to include:

Car Allowance: 100%
Child Benefit / Tax Credits: 100% of any child benefit your client receives with at least five years left to run
Contractors: For contract workers, enter one-twelfth of their latest self-assessment (SA302), taking into account tax and NI. Or, if applying for our contractor product, please use daily rate x 5 x 46
Overtime: Regular - 50%
Self Employed: One-twelfth of their latest SA302, taking into account tax & NI contributions as monthly income

A few useful tips:

- Use current figures for expenditure, not future forecasts.
- You must include all committed and essential outgoings. If there aren't boxes for the types of outgoings you want to include, please group them together under one of the headings available.

Generally we will not exceed 4.5x income - for applications over this we will consider on a case by case basis.

Affordability Calculator - Retired Applicants

Loan Details
Household Code
Loan Amount
Interest Only Loan amount (if applicable)
Loan Term (Years)
Product Initial Pay Rate:
If Fixed Rate is the rate fixed for 5 years or more?
Income
Applicant 1 Applicant 2
ANNUAL
Guaranteed gross annual income £ £
Other regular annual income
(If non-guaranteed enter 50%)
£ £
Total gross annual income £ £
Monthly £ £
MONTHLY
Pension income £ £
Child Benefit/Family tax credit £ £
Child maintenance £ £
State benefits £ £
Investment income £ £
Total Monthly Income £ £
Monthly Expenditure
Applicant 1 Applicant 2
Credit Commitments
Loans/Mortgages/Student Loans £ £
Maintenance/CSA £ £
Credit/Store Cards - 4% of total balance £ £
Interest Only repayment strategy £ £
Shared Ownership Rent/Shared Equity Loan £ £
Ground Rent/Service Charge £ £
Sub Total £ £
Essential/Luxury Expenditure (monthly)
Nursery/School/University Fees £
Council Tax £
Life/Health/Buildings/Contents Insurance £
Food/Drink £
Travel/Transport £
Housing/Fuel/Power & Communication £
Clothing/Footwear/Recreation & Essential Repairs £
Sub Total £
Note - some expenditure details are taken from Office of National Statistics data
Affordability Assessment
Free disposable Income £
Monthly Payment £
X

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