Mortgage Applications

mnorton2k

I'm currently applying for a mortgage with Nationwide after a previous refusal due to the LTV ratio 90% they have now referred my 85% application and has been 2 days already however I've put in an offer on the house (yet to be accepted) but the EA is keen to ensure that I have everything in place. Is there any harm in applying for a mortgage from another provider in order to get a DIP/MIP I was going to apply to the Post Office again on an 85% deal.

mnorton2k

What I meant to say is is there any harm in applying for multiple mortgages ? does this affect the credit record and will it affect the currently in progress application ?

gazfocus

Have you gone through a mortgage advisor or direct? I'd say the first thing would be to give Nationwide a call.

We applied for an AIP from another Building Society and got a referral. We heard back the next day so after 2 days I'd definately be chasing.

mnorton2k

Yes through a mortgage broker, he has chased apparently it's been reviewed by a Junior Underwriter and has to be verified by a Senior Underwriter to ensure that the decision is corrrect.

kingstreet

Do not apply for further credit while this application is pending. That means now, right up to completion.

mnorton2k

kingstreet wrote: »

Do not apply for further credit while this application is pending. That means now, right up to completion.

Any particular reason why ?

kingstreet

mnorton2k wrote: »

Any particular reason why ?

Yes. Lenders can (and often do) carry out additional checks on mortgage applications, sometimes as late as exchange of contracts, and if there has been an undisclosed change in your circumstances between application and completion you can see your mortgage amount reduced, or even your mortgage offer withdrawn.

In your case, wait for an answer from Nationwide. Once you get that, if it is positive, don't apply for any other type of credit until after completion.

If it's negative, when you do get a mortgage agreed, again avoid further credit applications until that mortgage completes.

Dave_Ham

Firstly, this Junior and Senior thing sounds like a blag as I have never heard anything like that from the Nationwide.

Furthermore both Nationwide and Post Office have good rates although not amongst the most flexible and certainly will not lend the higher multiples like some other banks.

What salary are you on, what commitments do you have, what purchase price have you agreed and what deposit do you have?

mnorton2k

Have PM'd rather than in the thread.