What To Expect?

kirstle99

Hi All

I am going to my bank (Nationwide) soon to apply for a mortgage solo.

I have consulted a financial adviser who has told me to go myself as I may get a better deal rather than going through him as I bank with them.

Basically, I am buying my mum's house that I currently live in. We haven't had a formal valuation, but houses down my road of exact same layout are selling for 130k.

It's a bit of a weird one. I have 5k in a help to buy ISA (also with Nationwide). My mum is going to gift me equity amounting to 50k (I know I am lucky).

I don't think getting a 75k mortgage will be a problem, but i'm nervous about going on my own and I don't know what to expect. My mum has given me details of the solicitor she will be using, and I have found one too.

When the bank ask about the money my mum is gifting me, is it sufficient to say it is gifted equity at this stage, will they be asking me anything else about it?

I'm just so nervous!

nicholbb

I can only speak about my various meetings.
They are there to sell you the product but have very clear lines they need to keep inside to avoid miss-selling, this protects you and them.
They will ask you to provide evidence of ID, address and probably 3 months of payslips. They will look at your existing expenses with bills, debt payment and ask other questions to get an idea of your monthly expenses to confirm you can afford to pay the debt.
You'll be given an offer in principal if you are successful.
There will be some dull bits where they will read legal statements or make you watch videos explaining stuff to you.

kirstle99

Thank you very much, this has made me feel a bit more at ease