PCP Nationwide Mortgage Application

leila96

Hello,

Does anyone have any experience of Nationwide’s approach to car PCPs when applying for a mortgage? 

Our application is in with them to port our existing mortgage and add an additional amount to make up the value, equating to a 90% LTV. 

We have our AIP which I included my monthly car payments of 298, however on my credit report it lists it as a loan of 21k with VW. We did this via a NW mortgage advisor. Should this have been included as a debt amount rather than a monthly payment? 

Affordability comes out fine on there calculator with the 298 monthly payment. 

Mortgage amount 247k, joint income 64k, over 35 year term. 

Thanks

kingstreet

Monthly payment. The system doesn't ask for capital balance. It will see that from the credit search.

leila96

Thanks for replying.
So when they see the capital on the credit search, is that likely to affect things when they already know the monthly payments (as per submitted on AIP)

kingstreet

It can in some circumstances where the outstanding capital is a high percentage of gross annual income.

leila96

Oh no!! We have a large ERC with Nationwide so literally have all our eggs in one basket and renewed my PCP before the need to move house came up!