Hi All,
Looking for a bit of advice - I currently have a loan and i am paying £614 per month £11,500 remaing over 20 months.
I am looking at applying for a £252k 90%ltv mortgage with nationwide and although they say they will lend up to £260k with the loan taken into account, I am worried that when I apply they might reject me on affordability due to the high loan and almost borrowing my max amount.
I could redo the loan over a longer period and bring the payments down to £250 per month - online calculators then say nationwide would lend me up to £310k so affordability will be a lot better.
My concern is that my credit history will then show a recent loan application and i'm not sure if the mortgage underwriters would like that - does anyone know if this will matter - my debt will stay the same?
Looking for a bit of advice - I currently have a loan and i am paying £614 per month £11,500 remaing over 20 months.
I am looking at applying for a £252k 90%ltv mortgage with nationwide and although they say they will lend up to £260k with the loan taken into account, I am worried that when I apply they might reject me on affordability due to the high loan and almost borrowing my max amount.
I could redo the loan over a longer period and bring the payments down to £250 per month - online calculators then say nationwide would lend me up to £310k so affordability will be a lot better.
My concern is that my credit history will then show a recent loan application and i'm not sure if the mortgage underwriters would like that - does anyone know if this will matter - my debt will stay the same?