sole/joint affordability

dave76

Does anybody know how Nationwide calculate affordability for mortgage - is it quite strict or do they take every situation on its merits?

I am going to see them tomorrow to see about borrowing around 170k on a 205kish house. Using their website it reckons they would loan me about 160k (dependent on specifics) - thats as a sole borrower with one dependent child. Take off the child and it goes up to nearly 200k. Add a joint borrower with 1 child and it shoots up to 250k. Can they not take into account the presence of a spouse without actually having a joint mortgage since she bears some of the child costs - it isnt all on me?

Probably not a problem going joint, but we didnt do that with the current mortgage as my wife didnt have a brilliant credit history at the time but that should have all gone now.

I am thinking of porting my existing mortgage of ~130k and taking a 2nd loan for the difference - can you do that if moving from sole to joint borrower?


Cheers

Dave_Ham

A few variables here that will prevent anyone being able to tell you on the forum the definitive answers.

Would suggest you see Nationwide and what they can offer and then see a broker and see what they can do.

You will probably pick up some free advice on the way.

Some facts I can share; Nationwide are not the most flexible on the market and no lender will use income from a source/person that is not on the mortgage.

Good luck

dave76

thanks Dave, will just see what they say and make sure I take income details for my wife. Main reason I want to stay with them is to try and port the BMR of BoE+2% which I cant see rising soon.

Dave_Ham

dave76 wrote: »

thanks Dave, will just see what they say and make sure I take income details for my wife. Main reason I want to stay with them is to try and port the BMR of BoE+2% which I cant see rising soon.

You most certainly do want to keep this, see how tomorrow goes...

Good luck