Excel Spreadsheet required to check the viability of candidates for home loans (mortgages)
The model must be dynamic, colourful and be able to provide a weekly budgetary brake down for year 1 and monthly breakdown for subsequent years.
The model must be encoded in the Euro Currency.
It must be full interchangeable and have the ability to handle 5 variable and 5 fixed loans for periods of 25,30,35 year depending on the option select . Ie.. Check the affordability if a person requests a mortage of 400,000 euro over a 35 year loan taking mortgage providers A policy which for example might be 4% APR per annum. On the main overview page it should allow users to easily switch between the variable and fixed loan options.
It must also have the ability for candidates the enter the outgoings such as transport costs, food, utilities, holidays, clothes , Socialising etc. The model should also have the option to increase these prices over the subsequent years by inflation. The model should allow users to change this figure easily. Ie.. Assumption Inflation rate will be an average of 3.5% over 35 year period etc..
This must also be the same for the wages section where users can impute there projected earnings per year for a 5 year period and then have the model increase their earnings for subsequent years by inflation etc...
The model should allow users to be able to change their tax rate easily. Ie.. tax will be 20% of the first 25000 euro of salary and 35% thereafter. However this should be adaptable so users can change the percentage and bands themselves accordingly.
The overview pages should then bring all of the information together in an easily readable format and show what the net income of the candidate will be per week, their projected mortgage outgoings and their income deductions such as utilities etc..