Massive difference between 'How much can I borrow' and AIP (N/wide)

davemorton

Hi, I completed the very basic 'how much could I borrow' on the Nationwides website, and it came back with approx. £160K using the details I put in.  Put the same details into get an AIP, and it came out as only about £105K.  Why the huge difference?  Is it worth me ringing them, and ideally wanted £120K.  TIA

justcat01

Is there a specific reason why you haven't used a broker?

I think once you apply for an aip and don't get what you're after, your best bet is to go to an all of market broker. They will be able to look at your finances and let you know who would be likely to offer what you're looking for.

davemorton

justcat01 said:

Is there a specific reason why you haven't used a broker?

I think once you apply for an aip and don't get what you're after, your best bet is to go to an all of market broker. They will be able to look at your finances and let you know who would be likely to offer what you're looking for.

Just in the early stages, and was curious what deposit I would need to put down, as want to keep some back for repairs etc. I wanted to go with N/Wide as once the fixed period is up, its very hassle free to move onto the next product.  Broker is the next step. 

jord411

davemorton said:

justcat01 said:

Is there a specific reason why you haven't used a broker?

I think once you apply for an aip and don't get what you're after, your best bet is to go to an all of market broker. They will be able to look at your finances and let you know who would be likely to offer what you're looking for.

Just in the early stages, and was curious what deposit I would need to put down, as want to keep some back for repairs etc. I wanted to go with N/Wide as once the fixed period is up, its very hassle free to move onto the next product.  Broker is the next step. 

There are a lot of banks that are hassle free if you want to switch products when your fixed term is up. 

amnblog

I am not even sure the Nationwide affordability calculator on the borrower facing site factors in any current debt. Does it not just do a simple income multiple calculation? Waste of time.

kingstreet

Did you take into account and disclose all your existing credit commitments, marking as "to be repaid" any you will repay from savings/mortgage proceeds? Have you recently repaid credit which may still be visible as outstanding on your credit file? Recently changed a car on HP where two agreements may be visible? Did you note your existing mortgage is being repaid? 

aoleks

Affordability calculator | Nationwide for Intermediaries (NFI) (nationwide-intermediary.co.uk)

this is what you need to use, "calculators" on the customers' website are as useful as a wart...

davemorton

kingstreet said:

Did you take into account and disclose all your existing credit commitments, marking as "to be repaid" any you will repay from savings/mortgage proceeds? Have you recently repaid credit which may still be visible as outstanding on your credit file? Recently changed a car on HP where two agreements may be visible? Did you note your existing mortgage is being repaid? 

I have no debt, so didnt declare any on either form.