Nationwide Mortgage Offer

manda_panda_2

We had an AIP from the Nationwide for £203,000. We had an offer excepted on a house and put in a mortgage application for £193,500. Valuation came back ok. However after waiting 4 weeks for a mortgage offer they have come back with an offer of only £177,000 saying that it is because the difference we pay in rent and the mortgage payment is to much. We currently pay £575 pm rent and the mortgage will be £1200.

Can we appeal against the offer?

Jimbo1976

You could try however lenders are excuciatingly picky with who they give mortgages to at the moment.

If you do decide to appeal, your best bet is to show them how you would pay £1200 per month in mortgage payments. Hopefully you've been saving the difference between your £575 rent and the £1200 pm payment you would be making. If this is the case your bank statements should show that you can afford £1200pm in addition to your usual living costs.

Wh05apk

Never heard of this before, who told you that, normally the mortgage is agreed subject to valuation, so it would not normally proceed to valuation until the amount requested was agreed.

Was this through a broker? I suggest you go back and challenge the reason, I think you are being given duff info.

manda_panda_2

The mortgage is via a broker. I am going to see her about appealing against the offer. I though they checked the affordability of the mortgage before they gave you an AIP.