ftb needs advice

Redguy17

Hi All

I'm after some advice from your collective money saving wisdom. I'm hoping to buy my first home this year. I will have my deposit saved (5%) in two months. Looking to buy under stamp duty threshold. I've been using nation wide save to buy account and hope to get a mortgage through NW. Sought some advice from a mortgage advisor who thinks I should wait till june to apply for Mortgage in Principle (MIP) Due to the way afforabilty is assesed changeing some time in April. I'm a bit wary of waiting too long before getting MIP cause I want the reasurance I will even get a mortgage before I start looking.

Both wife and I work full time (3200 combined gross 9 k in student loans)and no ccjs or defaults. Credit scores are a bit poor though as we have moved alot for work (3 addresses in last three years)

So my question is do I need to prove my deposit for a Mortgage in principle?

Has anyone had any sucess with nationwides save to buy mortgage?

Thanks in advance for your help.

Redguy17

Hi All

Never got a response from anyone but in case other Newbies might be helped by knowing the outcome.

I went ahead and applied for the MIP and was approved so happy with that. NW have applied the new MMR rules early but in general i think they will help people to get a ball park understanding of the cost. NW has said i just need to have deposit by exchange of contracts. Off to find some where to buy!

AFK_Matrix

Just want to say don't take the MIP as a gaurantee that you will get the mortgage. I too got a MIP and then when I went to apply got turned down, was a nightmare as I had offered on a house and then had to scramble round getting a mortgage setup elsewhere. Did in the end get a mortgage but it was a PITA so just be wary the mortgage isn't gauranteed until you have actually done the application and been approved.

brenda10

Redguy17 wrote: »

Hi All

Never got a response from anyone but in case other Newbies might be helped by knowing the outcome.

I went ahead and applied for the MIP and was approved so happy with that. NW have applied the new MMR rules early but in general i think they will help people to get a ball park understanding of the cost. NW has said i just need to have deposit by exchange of contracts. Off to find some where to buy!

Go to some one else, N/Wide would only loan 130k maximum, she got 145k from Abbey Santander through brokers for 190k property(had 25% deposit)
Savings all been removed, bye bye N/wide, accounts closed, no loyalty with N/Wide.

kingstreet

If you are looking for more than 4.5x income on the "old" basis, Nationwide was never the right choice.

Other lenders have been going to 5x and beyond for some time now.

Redguy17

[FONT=&quot]Thanks for the advice guys. I'm only borrowing 2/3rd of what they are prepared to lend so hopefully I’ll be accepted for the mortgage when i find some where to buy.

Have read lots of horror stories here though when borrowing from Nationwide so I’m only borrowing 2.5 times combine income.[/FONT]