Advice needed

ceriloushoes

Hi

New on here, so please be gentle

I got a DIP for a mortgage about a month ago and started looking at properties. Found one I love and submitted my application via a mortgage broker. We're using the Abbey and to say they are slow is an understatement.

Just over a week ago they said they would be instructing the survey. It never happened. My broker chased them and they wanted info about my payslip which we gave. They then said there was an affordability issue and offered to lend me £6K less than I need.

We've rejigged the figures by extending the mortgage term and they've today come back and offered me the same amount.

My broker and his contact at the Abbey don't understand this and have asked for the figures to be recalculated as they think the issue is with the Abbey not inputting the correct income figs.

Has anyone else been in this situation? As this goes on, I'm becoming more despondent.

Thanks

kingstreet

The Abbey/Santander affordability calculator changed recently, so it's possible your case has been affected by the changes.

ceriloushoes

Thanks. However, the contact at the Abbey doesn't even understand why the amount they're prepared to offer me hasn't changed. I've been told that it sits fine with the affordability calculator. They've asked them to recalculate. This apparently take 24 hours!

Guess I'll just have to wait it out.

:mad:

kingstreet

Have you checked the affordability calculator yourself;-

http://www.abbeyforintermediaries.com/calculators/affordability.aspx

This is the intermediary version. Ignore anything which doesn't apply.

ceriloushoes

Thanks for this. I guess it depends on whether they class me as medium or high scoring. My borrowing needs sit just slightly higher than medium.

Still waiting to hear back. Keep everything crossed for me.

:undecided

kingstreet

ceriloushoes wrote: »

Thanks for this. I guess it depends on whether they class me as medium or high scoring. My borrowing needs sit just slightly higher than medium.

Still waiting to hear back. Keep everything crossed for me.

:undecided

Will do!

ceriloushoes

Aaaaaaaaaarrrrrrrrrrrrrrrggggggggggggggggghhhhhhhhhhhhhhhhhh. Abbey won't lend me what I need. I'm £4K short. I'm hoping the vendor will take pity on me and accept a lower offer.

Once again, keep everything crossed!!

:mad::mad::mad:

funky1471

Goodluck, I'm waiting for a decision but waiting on my P60 from my employer (grr)

I hope you can find the £4k you need. Could you borrow it from a family member at all?

funky1471

Just a thought, if they lower the price £4k will that not void the application you made? If you get the house for less, won't they offer you the same LTV % but on the lower amount which could still leave you short?

kingstreet

Unlikely. The maximum loan is an absolute, rather than a percentage of the price of the property. If the price goes down £4k, the mortgage can be reduced accordingly.

ceriloushoes

Not able to find the extra £4K. My parents are already helping me with the deposit. So frustrating as in the grand scheme of things, £4K doesn't seem that significant but it is if you can't lay your hands on it!

Just hoping the vendor will accept a lower offer. Or it's back to the drawing board.