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Tips before we apply for a mortgage in principle
Heisenberg87_2
Posts: 85 Forumite
Me and my partner are going into Nationwide and in the next 3 week to apply for a mortgage in principle. I was hoping if anyone can give us some last minute tips on making sure we have the best chance of being accepted.
We have no debt and have a £20,000 deposit. The property we are going for is £200,000 so we would have a 10% deposit. We currently have no expenditure apart from a phone bill, car insurence and fuel. We both have a combined income of £53,000.
I have 4 accounts with Nationwide (and 1 save to buy account). I have an account with Natwest which I don't use (should I cancel?)
Any advice would be great.
We have no debt and have a £20,000 deposit. The property we are going for is £200,000 so we would have a 10% deposit. We currently have no expenditure apart from a phone bill, car insurence and fuel. We both have a combined income of £53,000.
I have 4 accounts with Nationwide (and 1 save to buy account). I have an account with Natwest which I don't use (should I cancel?)
Any advice would be great.
0
Comments
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Heisenberg87 wrote: »We currently have no expenditure apart from a phone bill, car insurence and fuel
Are you sure about that..?If you will the end, you must will the means.0 -
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Get hold of your respective credit reports from Experian and Equifax (don't pay for them). Check you're both on the current electoral register and that all information on the reports is accurate.If you will the end, you must will the means.0
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Do the DIP online! Takes 15 mins. I did mine yesterday. Sitting with Nationwide may take a lot longer0
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Heisenberg87 wrote: »Loving with parents. Food is already for etc...
Car maintenance, clothes, hobbies, gym memberships.....;)0 -
Nationwide have slightly better rates for existing account holders and the rate has dropped 0.1% since we got our next mortgage from them a couple of weeks ago. I think they all have lots of money sloshing around so probably a good a time as any.
Good luck.0 -
You sound like you are in a great position. However it is not your current expenditure that you need to know but you need to estimate the bills, council tax, utilities etc for after you move to show you can afford it. You can find out all this information on line. I told both my daughters to do this before their first mortgage appointment so they did a spreadsheet and put everything down so they knew how much they could afford monthly on the mortgage which will help when you are looking at terms and different mortgage deals. Have an idea of the maximum monthly payment you can afford to pay on a mortgage.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Save £12k in 2026 Challenge £12000/£7500
365 day 1p Challenge 2026 £667.95/£296.46
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0 -
Have you already found a house you like? Check how long an AIP is valid for before you get one. Ours was only valid for 28 days so we told our advisor to leave it until we'd found a house. We weren't sure how long it would take to find one and it shows on your credit file if they have to keep doing them.
Our advisor was really good and gave us a print out saying what we could borrow subject to doing any credit checks and said to call him as soon as we needed the AIP and he'd do it. Apart from a small communication hiccup at the beginning it's been really quick and straightforward!
Our friends said that they'd been told they needed an AIP to view houses, but we viewed quite a few and we didn't have to give proof we'd spoken to an advisor to a single one!
Sorry, I've just realised that you've probably found a house since you said you're looking at one for 200k!0
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