Nationwide AIP

musogirl295

My husband and I have just accepted an offer on our house and are in the process of negotiating on the house we want to buy. It is a little more expensive than we had originally planned but we have enough cash and equity to cover a 10% deposit.

We should need a mortgage of £171k. After much research I decided that doing one of the flexclusive mortgages with Nationwide would be best for us and their online calculator suggested that we should be able to borrow what we need. So, I went through to do an AIP with them online. They have said they could only lend us £170400. Now we could cover the extra £600 needed but is it possible that they would then knock this offer down again at full application? If so might it be better for me to go direct to one of the lenders that offer higher income multiples but that have a higher interest rate?

Thanks

kingstreet

It's virtually impossible to answer this without knowing your circumstances.

If you think some part of your income and expenditure is doubtful, use a different lender.

musogirl295

Thanks for your reply. A bit more info:

We have a combined income of £50k, one child but no childcare costs. Credit card balance of £4k and car finance of £209 a month. One late card payment at beginning of 2012 (1 on report).

Current mortgage with RBS on SVR of 4%. Been with them for 5 years with no problems. We would be looking at going to them if Nationwide is a no go.

Thanks

amnblog

Are you saying that if the mortgage offer ended up £600 short you could cover it, but any more would be a problem?

If so your purchase may be too rich for your resources.

musogirl295

We have some cash in reserve for emergencies after we have moved. If we only had to top up by £600 we could live with that in order to get the better mortgage deal. If they ended up dropping what they would lend us, covering the shortfall would wipe out our savings and we wouldn't want to put ourselves in that position. If there is any chance that this might happen I would rather that we just went straight to a lender with higher multiples so that we don't have multiple credit checks. Does this logic make sense?

Do we stand a better chance of being accepted by our current lender (RBS)?

We are happy that we can afford this level of mortgage but I want to make sure we don't screw it up by applying to the wrong lenders.

Thanks