<% option explicit %>
<%
dim lookingForAffordable
dim defaultValue
defaultValue = 0
dim defaultStressRate
defaultStressRate = 7.24
Dim mainIncomeApp1
mainIncomeApp1 = request.form("txtMainIncomeApp1")
if Not IsEmpty(mainIncomeApp1) and isNumeric(mainIncomeApp1) then
mainIncomeApp1 = cDbl(mainIncomeApp1)
else
mainIncomeApp1 = defaultValue
end if
'response.write(mainIncomeApp1 & "#mainIncomeApp1 ")
Dim secondIncomeApp1
secondIncomeApp1 = request.form("txtSecondIncomeApp1")
if Not IsEmpty(secondIncomeApp1) and isNumeric(secondIncomeApp1) then
secondIncomeApp1 = cDbl(secondIncomeApp1)
else
secondIncomeApp1 = defaultValue
end if
'response.write(secondIncomeApp1 & "#secondIncomeApp1 ")
Dim pensionApp1
pensionApp1 = request.form("txtPensionApp1")
if Not IsEmpty(pensionApp1) and isNumeric(pensionApp1) then
pensionApp1 = cDbl(pensionApp1)
else
pensionApp1 = defaultValue
end if
'response.write(pensionApp1 & "#pensionApp1 ")
Dim investmentApp1
investmentApp1 = request.form("txtInvestmentApp1")
if Not IsEmpty(investmentApp1) and isNumeric(investmentApp1) then
investmentApp1 = cDbl(investmentApp1)
else
investmentApp1 = defaultValue
end if
'response.write(investmentApp1 & "#investmentApp1 ")
'Dim rentalApp1
'rentalApp1 = request.form("txtRentalApp1")
'if Not IsEmpty(rentalApp1) and isNumeric(rentalApp1) then
' rentalApp1 = cDbl(rentalApp1)
'else
' rentalApp1 = defaultValue
'end if
'response.write(rentalApp1 & "#rentalApp1 ")
dim AnnualIncomeApp1
AnnualIncomeApp1 = mainIncomeApp1 + secondIncomeApp1 + pensionApp1 + investmentApp1' + rentalApp1
'response.write(AnnualIncomeApp1 & "#AnnualIncomeApp1 ")
Dim HighRateApp1
HighRateApp1 = cBool(request.form("chkHigherTaxPayerApp1"))
'response.write(HighRateApp1 & "#HighRateApp1 ")
dim stateBenefits
stateBenefits = request.form("txtStateBenefits")
if Not IsEmpty(stateBenefits) and isNumeric(stateBenefits) then
stateBenefits = cDbl(stateBenefits)
else
stateBenefits = defaultValue
end if
'response.write(stateBenefits & "#stateBenefits ")
dim stateBenefitsApp2
stateBenefitsApp2 = request.form("txtStateBenefitsApp2")
if Not IsEmpty(stateBenefitsApp2) and isNumeric(stateBenefitsApp2) then
stateBenefitsApp2 = cDbl(stateBenefitsApp2)
else
stateBenefitsApp2 = defaultValue
end if
'response.write(stateBenefits & "#stateBenefits ")
dim maintenance
maintenance = request.form("txtMaintenance")
if Not IsEmpty(maintenance) and isNumeric(maintenance) then
maintenance = cDbl(maintenance)
else
maintenance = defaultValue
end if
'response.write(maintenance & "#maintenance ")
dim maintenanceApp2
maintenanceApp2 = request.form("txtMaintenanceApp2")
if Not IsEmpty(maintenanceApp2) and isNumeric(maintenanceApp2) then
maintenanceApp2 = cDbl(maintenanceApp2)
else
maintenanceApp2 = defaultValue
end if
Dim UnTaxedIncomeAnnual
UnTaxedIncomeAnnual = stateBenefits + stateBenefitsApp2 + maintenance + maintenanceApp2
'response.write(UnTaxedIncomeAnnual & "#UnTaxedIncomeAnnual ")
dim creditCardsBalance
creditCardsBalance = request.form("txtCreditCardsBalance")
if Not IsEmpty(creditCardsBalance) and isNumeric(creditCardsBalance) then
creditCardsBalance = cDbl(creditCardsBalance)
else
creditCardsBalance = defaultValue
end if
'response.write(creditCardsBalance & "#creditCardsBalance ")
dim creditCards
creditCards = request.form("txtCreditCards")
if Not IsEmpty(creditCards) and isNumeric(creditCards) then
creditCards = cDbl(creditCards)
else
creditCards = defaultValue
end if
'response.write(creditCards & "#creditCards ")
dim loans
loans = request.form("txtLoans")
if Not IsEmpty(loans) and isNumeric(loans) then
loans = cDbl(loans)
else
loans = defaultValue
end if
'response.write(loans & "#loans ")
dim Studentloans
Studentloans = request.form("txtStudentloans")
if Not IsEmpty(Studentloans) and isNumeric(Studentloans) then
Studentloans = cDbl(Studentloans)
else
Studentloans = defaultValue
end if
'response.write(loans & "#loans ")
Dim SharedOwnership
SharedOwnership = request.form("txtSharedOwnership")
if Not IsEmpty(SharedOwnership) and isNumeric(SharedOwnership) then
SharedOwnership = cDbl(SharedOwnership)
else
SharedOwnership = defaultValue
end if
'response.write(SharedOwnership & "#SharedOwnership ")
Dim Outgoings
if creditCardsBalance = defaultValue then
Outgoings = creditCards + loans + SharedOwnership
else
Outgoings = (creditCardsBalance * 0.03) + loans + SharedOwnership
end if
'response.write(Outgoings & "#Outgoings ")
Dim mainIncomeApp2
mainIncomeApp2 = request.form("txtMainIncomeApp2")
if Not IsEmpty(mainIncomeApp2) and isNumeric(mainIncomeApp2) then
mainIncomeApp2 = cDbl(mainIncomeApp2)
else
mainIncomeApp2 = defaultValue
end if
'response.write(mainIncomeApp2 & "#mainIncomeApp2 ")
Dim secondIncomeApp2
secondIncomeApp2 = request.form("txtSecondIncomeApp2")
if Not IsEmpty(secondIncomeApp2) and isNumeric(secondIncomeApp2) then
secondIncomeApp2 = cDbl(secondIncomeApp2)
else
secondIncomeApp2 = defaultValue
end if
'response.write(secondIncomeApp2 & "#secondIncomeApp2 ")
Dim pensionApp2
pensionApp2 = request.form("txtPensionApp2")
if Not IsEmpty(pensionApp2) and isNumeric(pensionApp2) then
pensionApp2 = cDbl(pensionApp2)
else
pensionApp2 = defaultValue
end if
'response.write(pensionApp2 & "#pensionApp2 ")
Dim investmentApp2
investmentApp2 = request.form("txtInvestMentApp2")
if Not IsEmpty(investmentApp2) and isNumeric(investmentApp2) then
investmentApp2 = cDbl(investmentApp2)
else
investmentApp2 = defaultValue
end if
'response.write(investmentApp2 & "#investmentApp2 ")
'Dim rentalApp2
'rentalApp2 = request.form("txtRentalApp2")
'if Not IsEmpty(rentalApp2) and isNumeric(rentalApp2) then
' rentalApp2 = cDbl(rentalApp2)
'else
' rentalApp2 = defaultValue
'end if
'response.write(rentalApp2 & "#rentalApp2 ")
dim AnnualIncomeApp2
AnnualIncomeApp2 = mainIncomeApp2 + secondIncomeApp2 + pensionApp2 + investmentApp2' + rentalApp2
'response.write(AnnualIncomeApp2 & "#AnnualIncomeApp2 ")
Dim HighRateApp2
HighRateApp2 = cBool(request.form("chkHigherTaxPayerApp2"))
'response.write(HighRateApp2 & "#HighRateApp2 ")
Dim LoanAmount
LoanAmount = request.form("txtLoanAmount")
if Not IsEmpty(LoanAmount) and isNumeric(LoanAmount) then
LoanAmount = cDbl(LoanAmount)
else
LoanAmount = defaultValue
end if
'response.write(LoanAmount & "#LoanAmount ")
dim InterestOnlyAmount
InterestOnlyAmount = request.form("txtInterestOnlyAmount")
if Not IsEmpty(InterestOnlyAmount) and isNumeric(InterestOnlyAmount) and LoanAmount <> defaultValue then
InterestOnlyAmount = cDbl(InterestOnlyAmount)
else
InterestOnlyAmount = defaultValue
end if
dim RepaymentOnlyAmount
RepaymentOnlyAmount = LoanAmount - InterestOnlyAmount
Dim MRVRepayment
MRVRepayment = request.form("txtMRVRepayment")
if Not IsEmpty(MRVRepayment) and isNumeric(MRVRepayment) and InterestOnlyAmount > defaultValue then
MRVRepayment = cDbl(MRVRepayment)
else
MRVRepayment = defaultValue
end if
'Dim InterestOnly
'InterestOnly = cBool(request.form("chkInterestOnly") = "true")
Dim StressRate
StressRate = request.form("txtStressRate")
if Not IsEmpty(StressRate) and isNumeric(StressRate) then
StressRate = cDbl(StressRate)
else
StressRate = defaultStressRate
end if
'dim MonthsOffset
'MonthsOffset = request.form("txtMonthsOffset")
'if Not IsEmpty(MonthsOffset) and isNumeric(MonthsOffset) then
' MonthsOffset = cDbl(MonthsOffset)
'else
' MonthsOffset = defaultValue
'end if
dim blnSubmit
blnSubmit = cBool(LoanAmount <> 0)
Dim AffordableAmount
dim ErrorString
Sub Calculate()
'Stage 1
Dim HigherIncomeApp1
HigherIncomeApp1 = AnnualIncomeApp1 - 30000
'response.write(AnnualIncomeApp1 & "#AnnualIncomeApp1 ")
Dim NetIncomeApp1
If HighRateApp1 = True Then
NetIncomeApp1 = (HigherIncomeApp1 * 0.05) + 1875
Else
NetIncomeApp1 = (AnnualIncomeApp1 * 0.0625)
End If
'response.write(NetIncomeApp1 & "#NetIncomeApp1 ")
Dim HigherIncomeApp2
HigherIncomeApp2 = AnnualIncomeApp2 - 30000
Dim NetIncomeApp2
If HighRateApp2 = True Then
NetIncomeApp2 = (HigherIncomeApp2 * 0.05) + 1875
Else
NetIncomeApp2 = (AnnualIncomeApp2 * 0.0625)
End If
Dim MonthlyNetIncome
Dim MonthlyNet
Dim GrossAnnualLessOuts
MonthlyNetIncome = NetIncomeApp1 + NetIncomeApp2 + (UnTaxedIncomeAnnual / 12)
'response.write(MonthlyNetIncome & "#MonthlyNetIncome ")
MonthlyNet = MonthlyNetIncome - Outgoings
'response.write(MonthlyNet & "#MonthlyNet ")
GrossAnnualLessOuts = AnnualIncomeApp1 + AnnualIncomeApp2 + UnTaxedIncomeAnnual - (Outgoings * 12)
'response.write(GrossAnnualLessOuts & "#GrossAnnualLessOuts ")
Dim S2Affordability
AffordableAmount = GrossAnnualLessOuts * 4.25
S2Affordability = MonthlyNetIncome * 12 * 4.25
If LoanAmount > AffordableAmount Then
ErrorString = "Outside Affordablility @ Stage 1"
'LoanAmount = AffordableAmount
RepaymentOnlyAmount = AffordableAmount - InterestOnlyAmount
End If
if ((AnnualIncomeApp1 + AnnualIncomeApp2 + UnTaxedIncomeAnnual) < 1) and request.form("blnSubmit") = "true" then
response.write("
")
response.write("Unable to calculate as no income figures provided.")
response.write("
")
exit sub
End If
if (MonthlyNet < 0) and request.form("blnSubmit") = "true" then
response.write("
")
response.write("Unable to calculate, outgoings greater than income.")
response.write("
")
exit sub
End If
if (GrossAnnualLessOuts < 0) and request.form("blnSubmit") = "true" then
GrossAnnualLessOuts
response.write("
")
response.write("Unable to calculate, outgoings greater than income.")
response.write("
")
exit sub
End If
Dim MonthlyInterest
'If InterestOnly Then
MonthlyInterest = (InterestOnlyAmount) * ((StressRate / 12) * 0.01)
'Else
' MonthlyInterest = 0
'End If
Dim CurrentTerm
CurrentTerm = 1
lookingForAffordable = true
if LoanAmount = defaultValue then
RepaymentOnlyAmount = AffordableAmount
end if
while lookingForAffordable and CurrentTerm <= 40
call Output(1,CurrentTerm, MonthlyInterest, MonthlyNetIncome)
CurrentTerm = CurrentTerm + 1
wend
if lookingForAffordable and blnSubmit then
response.write("
")
response.write("Unfortunately Nationwide is unable to lend your client the amount requested based on the income and outgoings provided.")
response.write("
")
exit sub
end if
End Sub
Sub Output(CapitalPortion,CurrentTerm, MonthlyInterest, NetMonthlyIncome)
Dim MonthlyCost
Dim MonthlyCapitalRepayment
'If InterestOnly = False Then
'RepaymentOnlyAmount = LoanAmount - InterestOnlyAmount
'End If
'MonthlyCapitalRepayment = RepaymentOnlyAmount * CapitalPortion / 12
Dim BPCMonthly
Dim EasyRate
EasyRate = 1 + (StressRate / 1200)
Dim totmonths
totmonths = (CurrentTerm * 12)' + MonthsOffset ' additional months [var]
BPCMonthly = (((RepaymentOnlyAmount) * (EasyRate ^ totmonths)) * (EasyRate - 1)) / ((EasyRate ^ totmonths) - 1)
MonthlyCost = MonthlyInterest + BPCMonthly + MRVRepayment
If (NetMonthlyIncome * 0.6) > MonthlyCost Then
response.write("
")
if request.form("txtLoanAmount") = "0" or request.form("txtLoanAmount") = "" then
response.write("Nationwide would be willing to lend your client up to a maximum of " & formatCurrency(AffordableAmount) & ". The minimum term your client could afford to repay this amount over is "& CurrentTerm & " years.
")
'response.write("Nationwide would be willing to lend your client a maximum of " & formatCurrency(AffordableAmount) & ", subject to satisfactory income evidence, credit scoring and suitable security. The minimum term your client could afford this mortgage over is " & CurrentTerm & " years.")
LoanAmount = "0"
elseif ErrorString = "Outside Affordablility @ Stage 1" then
response.write("Unfortunately Nationwide is unable to lend your client the amount requested based on the income and outgoings provided.
")
response.write("However, Nationwide could lend your client up to a maximum of " & formatCurrency(AffordableAmount) & ". The minimum term your client could afford to repay this amount over is "& CurrentTerm & " years.
")
else
response.write("Nationwide could lend your client the amount requested.")
if InterestOnlyAmount = defaultValue then
response.write(" The minimum term your client could afford this mortgage over is " & CurrentTerm & " years.
")
else
response.write("
")
end if
if AffordableAmount = LoanAmount then
response.write(" This represents the maximum nationwide would be prepared to lend.
")
else
CurrentTerm = 1
RepaymentOnlyAmount = AffordableAmount
while CurrentTerm <= 40
totmonths = (CurrentTerm * 12)' + MonthsOffset ' additional months [var]
BPCMonthly = ((RepaymentOnlyAmount * (EasyRate ^ totmonths)) * (EasyRate - 1)) / ((EasyRate ^ totmonths) - 1)
If (NetMonthlyIncome * 0.6) > BPCMonthly Then
response.write(" However, Nationwide could lend your client up to a maximum of " & formatCurrency(AffordableAmount))
if InterestOnlyAMount = defaultValue then
response.write(".")
else
response.write(" on a repayment basis.")
end if
response.write(" The minimum term your client could afford to repay this amount over is " & CurrentTerm & " years.
")
CurrentTerm = 40 ' exits
end if
CurrentTerm = CurrentTerm + 1
wend
end if
end if
response.write(" These amounts are subject to satisfactory income evidence, credit scoring and suitable security.")
response.write("
")
lookingForAffordable = false
End If
End Sub
%>
Intermediaries - Affordabililty Calculator Notes
Mortgage Illustrator - Notes
If you know what loan your client requires, enter the loan required and any interest only elements.
If you want to know how much Nationwide would be prepared to lend, leave the first three fields empty and fill in the rest of the information and we'll calculate this for you.
If your client has more than one property (with rental income or a mortgage)
If your client has a property that is let which is mortgage free - Nationwide will allow 75% of the monthly rental income in the affordability calculation - enter this value in the investments field.
If your client has a property where the monthly rental is at least 125% of the mortgage payment Nationwide treats it as self financing, you do not need to deduct this from the calculated affordable amount.
If your client has a property where the monthly rental does not cover 125% of the mortgage then you need to treat the difference as an outgoing as follows:-
Outgoing = £25 - enter this in the shared ownership rental field on the calculator
If your client has other mortgages that are continuing and the properties are not let
If your client has other mortgages that are continuing and the properties are not let and you know how much they wish to borrow, please add the existing mortgages to the amount they wish to borrow so the affordability can be assessed against the total new debt.
Investments
Nationwide takes investments of a guaranteed amount that will continue for the foreseeable future into account, please contact your NBSC for advice.
State benefits
Nationwide takes a number of state benefits into account but does not accept the following: Income Support for Mortgage Interest, Child Benefit, Family Credit, Working Families Tax Credit, Disabled Person's Tax Credit or Pension Credit. Proof of benefits will always be required.
Maintenance
Nationwide will take into account maintenance income where it is under the terms of a court order or CSA assessment as long as it has been received for the last 12 months and at the current level for the last three months.
