Hi all,
We're first time buyers with a mortgage in principal with Abbey. We've had our offer accepted on the flat we liked so I phoned my mortgage advisor this morning to get the ball rolling with doing the mortgage application.
I got a phone call this afternoon from him saying that Abbey wont lend to us because they won't allow a 90% mortgage on a flat - but they will on a house. To buy a flat, we'd need a 15% deposit with them.
So he said that he was going to get an agreement in principal with Nationwide as they will allow a 10% deposit when buy a flat in preparation for our meeting on wednesday.
My main concern is that if our mortgage in principal is declined with nationwide - what are we going to do?
Am I worrying over nothing? Abbey has already given us an agreement in principle so hopefully other lenders will too. But is Nationwide more strict with who they will lend to?
If we're declined our credit rating will decrease and we could loose the flat we've offered on!
I'm so nervous and our mortgage advisor isn't in the office tomorrow, so I can't phone to find out the outcome of our agreement in principle with Nationwide!
We're first time buyers with a mortgage in principal with Abbey. We've had our offer accepted on the flat we liked so I phoned my mortgage advisor this morning to get the ball rolling with doing the mortgage application.
I got a phone call this afternoon from him saying that Abbey wont lend to us because they won't allow a 90% mortgage on a flat - but they will on a house. To buy a flat, we'd need a 15% deposit with them.
So he said that he was going to get an agreement in principal with Nationwide as they will allow a 10% deposit when buy a flat in preparation for our meeting on wednesday.
My main concern is that if our mortgage in principal is declined with nationwide - what are we going to do?
Am I worrying over nothing? Abbey has already given us an agreement in principle so hopefully other lenders will too. But is Nationwide more strict with who they will lend to?
If we're declined our credit rating will decrease and we could loose the flat we've offered on!
I'm so nervous and our mortgage advisor isn't in the office tomorrow, so I can't phone to find out the outcome of our agreement in principle with Nationwide!