Too much mortgage

pollyanna24

I plan to buy my brother out of our house and nationwide have said they will lend me a total of £220,000 (pretty much how much I need).

But if I actually go ahead and do the application and they decide it is too much to lend for whatever reason, do they just reject me straightaway or do they come back and say, well we won't lend you that much, but we are prepared to lend you say £200,000, giving me the opportunity to see if my brother will accept less or look for a cheaper property?

Thrugelmir

pollyanna24 wrote: »

nationwide have said they will lend me a total of £220,000

An AIP is not a mortgage offer.

pollyanna24

Thrugelmir wrote: »

An AIP is not a mortgage offer.

I don't even have an aip, I've just gone on their website and input all my income etc.

I don't want to go down the route of applying yet as it will affect my credit score and I just needed to get an idea of how much I can borrow.

But when I do apply for my mortgage, my question stands. If they won't lend me as much as I ask for, is it just an outright rejection and then I have to apply again for a lower figure or do they tell you how much they are prepared to lend?

nuzik

yes they will tell you how much they are prepared to borrow. When you go through their DIP it will tell you how much you can borrow up to; unless its a decline due to credit. This is not an offer of a mortgage the case will still need to be reviewed after.