Nationwide additional borrowing

moneyshoe

Hi Everyone,

Just completed an application to borrow an additional £20,000 with Nationwide so we can do some rennovations. Does anybody have any idea how long the process takes? I had to provide details for a survey - will they definitey do one?

We bought 4 years ago and had one then. If it makes a difference our LTV is still below 50% even with the additional borrowing (based on their estimated vaulation) and their affordabilty checker suugested they would lend us an additional 100K! so it should be straight forward. The plumbers start today though so I would like to know whether we're accepted or not!

-taff

Phone and ask.

70sthrowback

I went through this in July. Basically the ADR mortgage is exactly like applying for a full new mortgage, so you go through the full process of affordability and a survey. Yes the surveyor did come to the house, but this could work in your favour as our house value had increased which helps with the LTV. Although I guess if yours is 50% anyway, its irrelevant.

I have just gone through a Nationwide mortgage change to move my BMR and reduce the term, they are absolutely swamped due to the rate change so its taking much longer than it did in July.