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Agreement in Principal
mattsday
Posts: 31 Forumite
Hi all,
Apologies for putting so many newbie questions up, my brain is very active about all this stuff and I find it all overwhelming!
The long and the short of it is that I have an agreement in principal from Nationwide for my new house, but the forms were submitted incorrectly and it's for £1,000 less than I intended.
Therefore, the question is - with the AIP - is it calculated specifically for what I ask, or do they calculate how much they're willing to loan me (and therefore can add £1,000 without doing another application)?
Reason for asking is that I really don't want to go through another credit check...
Looking at the affordability calculator on their site, I am comfortably within what I want (looking to borrow £157,500, in an ideal world can take £358,300).
Apologies for putting so many newbie questions up, my brain is very active about all this stuff and I find it all overwhelming!
The long and the short of it is that I have an agreement in principal from Nationwide for my new house, but the forms were submitted incorrectly and it's for £1,000 less than I intended.
Therefore, the question is - with the AIP - is it calculated specifically for what I ask, or do they calculate how much they're willing to loan me (and therefore can add £1,000 without doing another application)?
Reason for asking is that I really don't want to go through another credit check...
Looking at the affordability calculator on their site, I am comfortably within what I want (looking to borrow £157,500, in an ideal world can take £358,300).
0
Comments
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It's for the amount you request, not your maximum possible.
Use the affordability calculator if you want to check that;-
http://www.nationwide-intermediary.co.uk/calculators/aff_calcI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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