Mortgage Amount Question

Gurvika41

Hi 
Has anyone applied for a mortgage and been told the bank can lend you more that what you have stated on your application? We have just put ours through with Nationwide... its 8k less than what we need though and we believe we can get more. Anyone else also in this position?

How do you calm the anxiety that comes with this process!

sjc93

Hi and welcome!

Just been through the mortgage application process and when going through the initial stages (obtaining the AIP/DIP) we were told we could borrow more than what we needed, we needed only £218K but we were told we could get £240K.

It's perfectly normal for that to happen and as long as you have put in your finances correctly on the application, that's what they have estimated that you can afford (which is good news!)

Let us know your progress and how you're getting on with the application!

Gurvika41

We put the application through on Friday with our broker. We need to borrow 200k and 2nd Nationwide AIP says 192k...  this changed because our property is New Build and our broker didn't include it when sending us the 1st AIP for 200k. We are FTB purchasing a new build under shared ownership.. we both are eager to know what Nationwide will offer us. 
We are hoping they will offer us 200k instead of 192k!

MovingForwards

I could have borrowed ¹/³ more than I actually am, but didn't fancy maxing myself out.

Gurvika41

MovingForwards said:

I could have borrowed ¹/³ more than I actually am, but didn't fancy maxing myself out.

We hope we get offered more. Thank you!