Credit Cards Calculator.pdf

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NOT FOR PUBLIC DISTRIBUTION.  
AIMED AT INTERMEDIARIES AND INVESTMENT PROFESSIONALS ONLY 
 
 
New Affordability Calculator Guidelines 
(as at 29th October) 
 
This guide explains how to use the “new look” affordability calculator on AFI.com. 
 
The affordability calculator provides the potential loan that we will lend based on the information 
provided (subject to full credit score). 
 
The new calculator is set out in 7 stages and makes the process easy and simple to follow. 
 
 
1. Applicant Details: 
 
 
 
 
 
Please ensure that the correct details are input in order to achieve the most accurate results.  
 
The information that needs to be entered is as follows: 
 
 Your reference number – this is for your use 
 Number of applicants – this should also include the number of financially dependant adults 
 Number of financially dependant children 
 Method of Repayment 
 
Loan Term (Years/Months) 
 Deposit / Equity Amount –This will enable income multiple policy to be applied 
 
Is it Isle of Man Application (Y/N) - This allows the correct tax codes to be used when 
calculating net income. 
 
 
 
2. Income: 
 
 
 
 
 
Again, please ensure that the correct details are input in order to achieve the most accurate results. 
The level of information that needs to be entered is as follows: 
 
 Basic Annual Income – by applicant 
 Other Primary Annual Income (Taxable) 
 Other Primary Annual Income (Non Taxable) 
For each applicant.  
These are then split into income types 
that fall into these categories. 
 Secondary Annual Income (Taxable) 
 Secondary Annual Income (Non Taxable) 
 
 
 
 
3. Commitments: 
 
 
 
 
 Monthly Income Deductions from Employer. There are certain deductions that are taken direct 
from an applicant’s salary, such as Pension, Childcare Vouchers and Student Loan 
contributions. When entered here the non-taxable elements will not be taxed. The student loan 
contribution is calculated using the standard methodology as devised by the Student Loans 
Company. 
 
 Commitments -  
o Monthly Credit commitments (exc. Credit cards)  
o Outstanding balance of Credit Cards 
o Monthly Credit Card Payments 
o Other Regular Commitments – e.g. Maintenance, Education, Life Assurance 
These should only include those that 
are being retained after completion 
 
 
4. Net Income: 
 
 
 
A calculated net income will be displayed on this screen to provide guidance as to a suitable net 
income figure.  If you believe this figure is incorrect then you can enter your view of net income in the 
box underneath and this will be used in the calculations. 
 
Please be aware that entering a higher figure than the calculated amount may result in the 
maximum loan amounts being overstated and using this information may lead to Introducer 
Internet displaying an incorrect decision. 
 
 
 
5. Calculated Loan Amounts: 
 
 
 
 
 
This output screen confirms the potential loan amount. This is output for low, medium and high scoring 
applicants and will be limited by our income multiple policy. 
 
Once you have seen the loan amounts, clicking on “Next Step” will take you to another input screen: 
 
 
If the loan required is Part and Part then the next screen allows you to work out if a part and 
part mortgage is affordable. 
 
If the loan required is not Part and Part then the next screen will be the “Summary” page. 
 
 
 
6. Part and Part Mortgage: 
 
 
 
 
 
This screen allows you check the affordability for a part and part mortgage. 
 
Again, please ensure that the correct details are input to achieve the most accurate results. The 
information that needs to be entered for both the repayment part and interest only part is as follows: 
 
 
Loan Amount 
 
Term (Years/Months) 
 
 
Once these have been entered, clicking on “Calculate” will bring up a message indicating if the 
requested loan amounts are affordable. 
 
One of the following messages will appear: 
 
Based on the information provided, the requested loan will pass our affordability 
assessment. 
CAUTION:  Based on our assessment of affordability, the requested loan exceeds the 
maximum we will accept for a low scoring applicant. This may result in a decline 
decision. 
CAUTION:  Based on our assessment of affordability, the requested loan exceeds the 
maximum we will accept for a low/medium scoring applicant.  This may result in a 
decline decision. 
CAUTION:  Based on our assessment of affordability, the requested loan exceeds the 
maximum we will accept.  This may result in a decline decision. 
CAUTION:  There are fields with missing data.  The requested loan has not been 
assessed for affordability.  Please enter all details to ensure a full assessment is done. 
 
 
 
7. Summary: 
 
This will contain a summary of the whole calculator and can be either saved as a PDF or printed. 
 
An additional summary section of income and commitments is also included on this screen to give you 
all of the information you need to input into Introducer Internet.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Abbey for Intermediaries is a brand and not a regulated company 
 
From 11th January 2010, Abbey National plc will change its name to Santander UK plc. 
 
Abbey National plc. Registered Office: Abbey National House, 2 Triton Square, Regent’s Place, London NW1 3AN. Registered 
number 2294747. Registered in England. www.abbey.com Telephone 0870 607 6000. Calls may be recorded or monitored. 
Abbey and the flame logo are registered trademarks 
 
Form E – Oct 09