PCP Nationwide Mortgage Application

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

Comments

  • kingstreet
    kingstreet Posts: 39,218 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Monthly payment. The system doesn't ask for capital balance. It will see that from the credit search.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • leila96
    leila96 Posts: 39 Forumite
    10 Posts First Anniversary
    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
    kingstreet Posts: 39,218 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It can in some circumstances where the outstanding capital is a high percentage of gross annual income.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • leila96
    leila96 Posts: 39 Forumite
    10 Posts First Anniversary
    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! 
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