Living expenses can be easily done in one of two ways.Well done.. Never passed my mind to gross up our pension income with notional tax on a cc application.
The really difficult part for me is setting out our budget/living costs as I have not a clue.
I put some very wild guesses on the last application.
We always receive more than we spend ( a lifetime of parsimony is impossible to discard).
Over time that translates to gross personal ignorance about everyday stuff like the cost of milk bread petrol and rates.
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Its not so much a flag as a minimum. The Responsible Lending laws require them to assess your monthly spend with a reasonableness test which is based on statistical research of "normal" spending. If you quote less than this by a significant amount there is a fair chance you are understating and many lenders will then just ignore your figure and substitute theirs.Living costs. I’d heard there was some ‘per monthly’ figure they use as a flag, and if you report below that figure they know you are just guessing.