Borrowing more than Decision in Principle

michthedolphin

Hi, Could do with some guidance please!

I have successfully applied for the DIP with Nationwide, however I was intending to borrow slightly more (£5k more than the DIP borrow amount).

The next stage would be to apply for the full mortgage application

Can I try to borrow 5k more at the full application?

I assume if they were unable to offer more than I enter, then it would 'default' back to original amount stated on the DIP, hence I would then proceed with the amount stated on the DIP (If all goes well that is).

Thanks for any help

K_S

@michthedolphin If you've filled in the DIP correctly and maximised your term (Nationwide will go up to 75 for employed applicants paying into a pension), then the figure given on the DIP should be accurate. If you want to borrow 5k extra, try running a DIP for the 5k extra.

michthedolphin said:

Hi, Could do with some guidance please!

I have successfully applied for the DIP with Nationwide, however I was intending to borrow slightly more (£5k more than the DIP borrow amount).

The next stage would be to apply for the full mortgage application

Can I try to borrow 5k more at the full application?

I assume if they were unable to offer more than I enter, then it would 'default' back to original amount stated on the DIP, hence I would then proceed with the amount stated on the DIP (If all goes well that is).

Thanks for any help

michthedolphin

Hi K_S -

Many thanks for the help,

I did try (about 2 weeks ago) altering a few details on the DIP application (i.e. reducing my monthly out-goings by paying off some debt) but it still won't give me the extra 5k.

If I apply for the extra 5k on the full application will it reject and revert back to the DIP amount, or would they reject this completely and then I would have to apply again to the DIP amount?

Not sure how it works, but I would worry putting 2 hard searches on credit file.

Thanks for the help

K_S

@michthedolphin I've no idea how direct apps work but if I'm doing a Nationwide app for a client I need to run a DIP for X amount and once I get a pass on it, progress the same DIP to an FMA (full application). Most of the data on the FMA is pulled through from the DIP. So in that scenario, I'd never be able to apply for X+5 at FMA if it fails at DIP. I hope that makes sense. 

Not sure how it works with direct apps.

michthedolphin said:

Hi K_S -

Many thanks for the help,

I did try (about 2 weeks ago) altering a few details on the DIP application (i.e. reducing my monthly out-goings by paying off some debt) but it still won't give me the extra 5k.

If I apply for the extra 5k on the full application will it reject and revert back to the DIP amount, or would they reject this completely and then I would have to apply again to the DIP amount?

Not sure how it works, but I would worry putting 2 hard searches on credit file.

Thanks for the help

michthedolphin

Hi, thanks for the help,

Yes it would make sense to submit the same amount as the DIP as you suggest.

However I was thinking it could be worth a shot. My last hard search on credit file was around 8 months ago.

Worst case scenario I'll end up with 2 hard searches (on the same day with nationwide)... But providing they accept the 2nd application as per the dip amount.

But if you think this isn't a good idea (and could go against me) then please suggest

Thanks

Singlemummy_2

Perhaps you should consider using a broker