Mortgage in Principle - 90 days

norsefox

Just wondering if anyone can provide clarity here.

Myself and my OH have completed the first stage (if you can even call it that) with Nationwide to review our affordability.

It would appear that we pass affordability by quite some distance, so the next stage would be to gain our Mortgage in Principle. Obviously this would include a credit check and would last for 90 days - what would happen if it expires and we have to apply again, the bank employee suggested this could be a problem (multiple credit checks over a short period) but surely this would be an absurd position to be in?

We haven't applied for any other credit in at least 12 months, have no debt, no loans, no borrowing, no hire purchase - but surely it's hardly rare for people to not find a property in those 90 days?

Also, an additional question if anyone can help. We're both 25 (FTB) - on a combined salary of £60k, have a 15k deposit and looking to borrow £135k. As I said, student debt only - no CC, loans etc. Is it worth using a broker to identify the best product in the market, or in our position is Nationwide the best we could do as there are few complications?

amnblog

Your last paragraph is on the right track.

You have just dealt with someone who does not really know what they are talking about.

norsefox

Thanks for the response.

I assume you're saying that a second mortgage in principle isn't a problem?

kerri_dfw

We had an AIP before MMR kicked in and had to do another before the actual application. They were both approved. We're still waiting on our mortgage application to be approved. We've gone with kensington due to adverse. If we didn't have adverse we'd still use a broker due to all this new mmr stuff