Originally we were told how much we could borrow (by Nationwide), it was no where near what we intended to borrow so thought it would be a walk in the park. We applied for less than half and it was turned down. Could only borrow a ridiculously small amount even though we have a substantial deposit.
We had to pull out of that purchase, which was unfortunate because we could still go ahead as the house was cheap. Now the amount Nationwide said we can borrow just isn't enough. I phoned London and Country and got a MIP for more than what Nationwide would lend. Still not great but just about doable if we adjusted our expectations of which area we could live in.
We have had an offer accepted on a lovely house. With our deposit, we need to borrow exactly what our MIP is for.
After having a MIP with Nationwide, then being told we couldn't borrow that amount, I am terrified of it happening again. Is it likely?
Nationwide said we could borrow £34900, we applied for £45000 and they originally told us we could borrow up to £105000.
London and Country have given us a MIP for £49435 (was hoping for £60000 but this would be just about doable for the house we are buying at £135000).
Please or to access all these features
Please
or
to access all these features
Join our Property forum for renovation, DIY, and house selling advice.
Property/DIY
I'm terrified of our mortgage not being approved! How likely is it after the last time?
8 replies
CrapBag · 23/06/2014 10:29
OP posts:
Please create an account
To comment on this thread you need to create a Mumsnet account.