Nationwide mortgage... Guarantor??

rdsmortgageman

Try with Nationwide @ 95% first. Wait and see what they come back with. If you have a problem, get back in touch.

Ryan

lgirl_2

we will do. Thank you!!

lgirl_2

rsdmortgageman, I have just been reading another thread that you have posted on and in it the poster has said that they have been told by nationwide that they will have to pay off their existing loan & ccc commitments within one month of the mortgage. Is this standard? Will this apply to us too? We can easily afford to repay everything, but will they still make us do this?

Thanks!

rdsmortgageman

They may ask you to repay depending on what the lending calculator says (this can be found on their website, put in your income and outgoings and it will tell you what you can borrow.)

I'm not going to say anything more on the subject of commitments with Nationwide as you will see from that thread that I was shot down in flames for trying to help someone!

lgirl_2

They will lend us 269,000 and we only want to borrow 218,000 so do you think we will be required to do this? Your suggesgions to the OP were very interesting and I will take not if we are required to do this. Thanks

rdsmortgageman

what are the outgoing? Monthly payments? outstanding term?

lgirl_2

Not sure exactly what you mean, sorry. The mortgage was over 30 years and it was about 1350 per month we were quoted. Between me and my husband we take over 3.5k a month, plus we both get v.good bonuses with our jobs once a year.

I have an 8k loan with 3 years left to pay with HSBC= i pay about 230 p/m

I also have a cc with hsbc with a £1,800 balance. i always pay off more than the minimum every month. these debts are very affordable to us along with our mortgage should we get it.

Thanks

rdsmortgageman

These shouldn't pose a problem. Let me know how you get on with them tomorrow.

lgirl_2

Thank you. We will do!

lgirl_2

Well, we applied this mornign for our 95% mortgage with Nationwide which we had already had an offer in principle on, but unfortunately we got declined. It was actually a level 3 we came out as which was a referral. The advisor sent it off to head office and got an instant decline. She said that our credit rating was just a little too low.

Is there anything else left that we can do? I've made an appointment to see a new broker tonight and have explained our situation. We are determined to give this one last shot so at least we know that we have really tried. Will there be lenders out therethat will give us a chance??

Thanks!!!