New Build - Nationwide Mortgage

switched_off

badgeraudio wrote: »

That is not what my AIP states and what we are working for. They know I only have a 10% deposit!

An AIP wont be property specific or know its a new build.

switched_off

One minute, are you an existing borrower? if so you are in luck. If not, you are not.

badgeraudio

I do not currently have any account with them, but I wias told If I move my current account over to the thier flext account all is good!

I have left a message with their rep to ring me to confirm things!

badgeraudio

I can not see it mentioned that it includes new build, but then it does not specifially exclude them! :
http://www.nationwide.co.uk/mortgages/mortgagedeals/offer.htm

VIGILANT22

switched_off wrote: »

One minute, are you an existing borrower? if so you are in luck. If not, you are not.

Property Type LTV limits

Price / Value
£0 - £250k
Price / Value
£250,001 - £500,000
Price / Value
£500,001 - £1m
Price / Value
£1m +

New Build Flat

75%
75%
75%
70%

New Build House (Existing borrower)

90%
90%
80%
70%

New Build House (New borrower)

85%
85%
80%
70%

switched_off

Sorry, unless you are an existing borrower you are stuck at 85%. I have a link to a website but I don't think i am allowed to post it. It spells it out in blue and white.

badgeraudio

Ok then, looks Like I have been mis informed! I will have to see about getting my money back! I was completly open about needing the 90% LTV on the new build and at no point was I told I could not get it!

Unless they class opening the flext account as you then being an existing customer, This is "Branch Only" it that makes a difference??

switched_off

Sorry, Branch only relates to the product not the criteria and the Flex account doesn't qualify as an existing borrower.

You will get your money back with any luck.

Sorry you have been let down and I wish you well going forward.

herbiesjp

This may help

badgeraudio

I have spoken to nationwide.

She told me that I have applied for a 90% LTV for a new build and that it is ok. She has done 1 before aswell. She said this deal was not available through brokers.

But the main issue is the valuation of the new build. Nationwide do seam more likely to undervalue the property thus decrasing the actual LTV.

Mike