Hi, after doing a lot of research, and saving up a 10 % deposit, I applied for a mortgage with Nationwide. At my first meeting the advisor took my details, pay slips, ran a credit check (Excellent credit score) etc. She seemed to think that everything was in order, with my finances and deposit. I even moved my current account to one of theirs in order to take advantage of the FTB deals.
I had a property in mind when I attended this meeting, and she even worked out my mortgage repayments if my offer was accepted - they were prepared to lend me twice the amount of what I was wanting to borrow. I was intending on putting an offer in for the property after the deal was finalised.
I arranged another meeting to obtain a DIP and to arrange their valuation on the property, another credit search was done, and I was basically told that I now needed a 15% deposit, not a 10% deposit. They could give me no explanation of this.
I would not have minded, but it was the fact that they told me that there everything was fine with my application, so it was a bit of a shock that they 'moved the goalposts' to 15% so to speak.
I have spoken to an independant broker, and have a couple of other options (Skipton- although I would have to save up more to afford the fees! and Santander) but not sure if I will be told the same in terms of needing a higher deposit.
I am also worried about how the searches will affect my credit score.
Any advice would be appreciated.
I had a property in mind when I attended this meeting, and she even worked out my mortgage repayments if my offer was accepted - they were prepared to lend me twice the amount of what I was wanting to borrow. I was intending on putting an offer in for the property after the deal was finalised.
I arranged another meeting to obtain a DIP and to arrange their valuation on the property, another credit search was done, and I was basically told that I now needed a 15% deposit, not a 10% deposit. They could give me no explanation of this.
I would not have minded, but it was the fact that they told me that there everything was fine with my application, so it was a bit of a shock that they 'moved the goalposts' to 15% so to speak.
I have spoken to an independant broker, and have a couple of other options (Skipton- although I would have to save up more to afford the fees! and Santander) but not sure if I will be told the same in terms of needing a higher deposit.
I am also worried about how the searches will affect my credit score.
Any advice would be appreciated.