Understand what a Mortgage in Principle is and how you qualify for one.

• Key Information 
• General Information on Adding a Property
• Property Eligibility and Criteria
• Property Decision Process
• Changing or Submitting a New Property
• Handling Property Changes and Price Adjustments
• Final Considerations

Key Information 

Adding a Property to MiP: Allows you to check whether Nationwide would lend on a specific property. It’s optional but helps clarify mortgage options early in your home-buying journey.

Eligibility Checks: Nationwide assesses property eligibility through factors like leasehold terms, location, environmental risks, and automated valuations. If a property passes these checks, it’s eligible for a mortgage.

Property Decisions:

• Accepted (Would Lend On): The property qualifies for a mortgage.
• Accepted (Could Lend On, Subject to Valuation): The property meets the risk criteria, but a formal valuation is needed as part of the full mortgage application.
• Declined (Won’t Lend On): The property does not meet Nationwide's lending criteria. You can choose to continue your search with your MiP, select a new property to check, or speak to a broker to understand your options with this property.

No Guarantee of Mortgage Approval: Adding a property to your MiP gives you an early indication but does not guarantee full mortgage approval, which requires further checks.

General Information on Adding a Property

• What does adding a property to my MiP do?

Adding a property to your Mortgage in Principle (MiP) allows you to check whether Nationwide would lend on that specific property. This helps you understand not only how much you could borrow but also whether the property meets Nationwide’s lending criteria.

• Can I add a property to my MiP if I’m just researching?

Yes, you can add a property even if you’re still exploring your options. This can help you understand whether a particular property meets Nationwide’s lending criteria before making further decisions.

• Do I have to add a property when applying for a MiP?

No, adding a property is optional. You can get a MiP without specifying a property if you’re not ready to focus on a particular home yet.

• How does adding a property benefit me?

Adding a property gives you greater clarity on your mortgage options. It helps you understand whether Nationwide would lend on a specific property, reducing uncertainty as you move forward in your home-buying journey.

Property Eligibility and Criteria

• What checks are run to determine property eligibility?

Nationwide runs several checks to assess whether a property is eligible for a mortgage, including:

• Leasehold terms – Properties with short leases may not qualify.
• Location exposure – Nationwide may limit lending in areas where they already have high mortgage exposure.
• Environmental risks – Factors like flood risk or subsidence are assessed.
• Automated valuation – Nationwide checks whether the property’s submitted price aligns with their valuation. If there is a significant difference, additional checks may be required.

Property Decision Process

• What do the property results mean?

• Would lend on (Accepted) – The property has passed Nationwide’s automated risk and valuation criteria and is eligible for a mortgage. You can proceed with your Nationwide application.
• Could lend on (Accepted, subject to valuation) – The property has passed Nationwide's automated risk criteria, but an automated valuation could not be completed. A valuation will be required when you apply for a mortgage.
• Won’t lend on (Declined) – The property has not met Nationwide's risk criteria for lending. You can continue your search with your MiP (if accepted) or submit a new application with a new property.

• If I get a Property accept, does that guarantee Nationwide will lend on the property?

No, a Property accept decision is not a guarantee. Additional checks may be required, especially if there is a significant difference between the listing price and the purchase price.

Changing or Submitting a New Property

• What happens if I get a MiP accept but a property decline?

If you receive an accepted MiP but the property is declined, it means you're eligible for a mortgage with Nationwide, but the specific property does not meet their lending criteria. You can still proceed with your MiP, submit a new application with a different property, or speak to a broker to explore whether other lenders would consider the property.

• What happens when I submit a new property? Is my old one deleted?

Yes, the previous MiP application with a property would be replaced by this new application.

• Can I check multiple properties?

Yes, you can check multiple properties, but only one at a time. This allows you to check each property's lending eligibility as your search progresses. However, be aware that only the latest submission will be valid.

• What happens if I don’t see the option to add a property?

Currently, you can only add a property from the property details page you accessed the Mortgage in Principle from. If you entered the MiP from another page, you won't see this option. If you’ve come from the property details page but still don’t see the option, it could be because the property is part of a buying scheme (which we don’t currently support) or we don’t have enough data to process the property. In the future, anyone will be able to choose a property to add from any entry point.

• What happens if I change my mind about the property I added to my MiP?

If you change your mind before submitting the application, you can go back to the Loan-to-Value page and toggle the property off before submitting. If you’ve already submitted your application, you don’t need to take any action. The property check is simply to help you understand whether the property is eligible for a mortgage. You can continue your search with your accepted MiP or submit a new application with a different property when you’re ready.

Handling Property Changes and Price Adjustments

• What happens if a property I added has been sold?

If the property you added has been sold, we’ll notify you. You’ll still be able to progress with your application, remove the property, or start a new application with a different property.

• What happens if a property I added has been reduced in price?

If the property price changes, you can update the price freely within your application.

• What happens if I change the property price when adding a property to my Mortgage in Principle (MiP)?

The property price is editable to reflect real-world scenarios where offers or agreements may differ from the listing price. Small adjustments are unlikely to affect your progression to a full mortgage if you receive an accepted Mortgage in Principle. However, significant changes (such as a 20% increase or decrease from the listing price) could impact mortgage terms and affordability when applying for a full mortgage.

• Why are the Loan-to-Value (LTV) ratios different when I add a property?

You will see varying loan-to-value ratios based on whether the property is a New Build Flat (75% LTV) or a New Build House (90% LTV).

Final Considerations

• Does adding a property to your MiP guarantee full mortgage approval?

No, adding a property provides an early indication of whether a property is eligible for a mortgage, alongside your mortgage in principle. Full approval requires additional checks and verification.