FTB Mortgage and credit card debts

To get an idea of how much you might be able to borrow, please try out the detailed affordability calculator on the NW website https://www.nationwide-intermediary.co.uk/calculators/aff_calc being as specific as possible to the questions asked. It should not take more than 5-10 minutes. If your broker is half decent, he should have already given you an approx figure of how much you can realistically borrow.

One major aspect going in your favour is that the income multiple that you require is very low with a salary of 45k and the mortgage amount being £123k.

However, this being a Help2Buy for new builds, the range of lenders willing to lend on it is quite restricted which I'm sure your broker would have told you about.

An application being referred isn't necessarily bad news. Ours was referred because we lived in a flat and the address finder on the NW application system read it incorrectly. So wait till your broker tells you why it was referred.

FTB-James wrote: »

Hi

I have found my first house £130,000 and it is a new build. I am going down the help to buy scheme route.

Deposit 5% - £6500 in the bank

Debts 13000 credit cards

Salary £45k guaranteed with another £5k per year on top from adhoc work

Spoke to mortgage advisor and he has told me the first application has been deferred and he will know more tomorrow

Is this looking problematic?

Haha that's hilarious :rotfl:. You think NW might be paying me for posting anonymously on this board?

I find NW's affordability calculator detailed but easy to use, hence why I point people towards it to get a rough idea of how much they can borrow.

When we got our FTB mortgage from NW, their systems were very poor with our application being referred twice - once because their system messed up our address and second because their underwriter made a mistake. Our broker had to chase the NW BDM non-stop to get it sorted and the whole process took double the time it should have. So I'm no more a fan of NW than you are.

Does that anecdote allay your suspicions about me being a sleeper agent for NW? :money:

minimike2 wrote: »

Pointing people to specific lender calculators is not really a great idea, or particularly in the spirit of what this forum is about.

Also the way in which you have done it / your wording makes it very suspicious that you work for Nationwide.

Certainly a positive development but hold back from celebrating until you get a firm offer.

Do keep us updated when you hear back from the lender after sending in all the documentation.

FTB-James wrote: »

So, I have been approved in principle so far. Need to send in bank statements, pay slips, proof of deposit etc... then need valuation.

I think this is looking positive?