First time buyers!!

lrlrip

DD and her BF have just put a "very small" deposit down on the last remaining small house on a new development to reserve it. They have been told they have a mortgage in Principal with the Nationwide, have today got themselves a solicitor so are just waiting with fingers crossed that everything goes ok.

Having never been in this situation before I am a bit unsure of what happens next to get form "in Principal" to getting the actual mortgage.

Any advice would be welcome, thanks.

The_J

Submit full application, provide proof of income, instruct survey, get offer, exchange, complete.

Although I don't think the Nationwide in principle form asks about property details so hopefully the broker/Nationwide monkey would have told them that 15% deposit is the minimum required on a new build house.

lrlrip

The_J wrote: »

Submit full application, provide proof of income, instruct survey, get offer, exchange, complete.

Although I don't think the Nationwide in principle form asks about property details so hopefully the broker/Nationwide monkey would have told them that 15% deposit is the minimum required on a new build house.

Thank you. It is 85% they are after.