Nationwide Mortgage Q

harding1985

Evening all,

Quick Q!!

I currently have a mortgage with Nationwide, 121k left on the current mortgage. My house is worth 170k est.

After running through the process with NW we have been pre-approved for a mortgage of 185k. The question is why are NW quoting 185k? Surely the mortgage quote should only add the additional borrowing required ie 60k odd?

Am I missing a trick here

Cheers in advance.

Thrugelmir

Have you made a formal mortgage application or just made an enquiry?

harding1985

Application has been made and I have a decision in principle for 185k.

kiddakidda

Based on your current income and outgoings that is the Max that they pre-approve you for. In essence 64k above your current borrowing.

Are you moving home?

harding1985

The maximum NW would lend us was 200k, but we only need 185k. New property in question is 240k.

Yes, we are moving home.

kiddakidda

harding1985 wrote: »

The maximum NW would lend us was 200k, but we only need 185k. New property in question is 240k.

Yes, we are moving home.

Sorted then, within your max lending and nice healthy deposit.

Good luck with it:)

kiddakidda

Also,

From what I see on this Forum NW move quickly to offer as long as they can do a quick Valuation and all of your supporting info is in order.

harding1985

kiddakidda wrote: »

Also,

From what I see on this Forum NW move quickly to offer as long as they can do a quick Valuation and all of your supporting info is in order.

Thanks for your help and input, payslips, p60s and bank statements have been forwarded to NW.

Just the small issue of selling my property now lol :rotfl:

kiddakidda

harding1985 wrote: »

Thanks for your help and input, payslips, p60s and bank statements have been forwarded to NW.

Just to the small issue of selling my property now lol :rotfl:

Oh Yeah, there is that