Lost house we had fallen in love with

Monkeysmummy

Bit of a long story.
We've sold our house. Hadn't looked at any houses before this as we werent sure how long the process would take in this Market.
It actually sold very Quickly so off we went to sort our mortgage.
We got our mortgage promise, credit checked etc with a print out of the certificate. All well and good so far!

Went to view houses. Fell in love with one and put an offer in which was accepted.

However, now we've gone back to organise the survey etc for the house it turns out the person who processed our application 'forgot' to include us having dependants despite them being in the room! :mad:

So, we are now 25k short for the house we fell in love with
Now everything we look at will be compared the this house

To make things worse our buyer is now really putting the pressure on to find another house.
Starting to feel panicked but don't want to buy a house and regret it later!

Is there anything at all we can do with regards to the mortgage application being mucked up?
The annoying thing is the repayments on new mortgage is actually the same as what we'd paid for the past 5 years because the bulk of the mortgage is out of the fixed term and only 2.5%!

Help

somethingcorporate

Try another lender? how much are you borrowing? if only £100k then £25k is a massive %, at a higher figure it may be possible another lender would entertain it.

Have a play around with online borrowing calculators to see which lender may offer a higher mortgage (or go and see a broker).

GMS

Have you applied to port your mortgage? If so you would need to meet criteria as it stands today regardless of what the payments are/were.

As has been said another lender may be an option for you. Have a chat with a broker and see what comes up.

You need to apply to the correct lender if time is against you as the vendor could pull out if it drags on too long.

Monkeysmummy

I'll have a look but have a feeling it'll be a similar amount?
Just feeling a bit angry something as big as this was overlooked
Our current mortgage is 106k and we were originally told we could borrow
176k. The revised amount is 149k so a big difference!
Might have to sell one of the children
Only joking, obviously

Monkeysmummy

GMS wrote: »

Have you applied to port your mortgage? If so you would need to meet criteria as it stands today regardless of what the payments are/were.

As has been said another lender may be an option for you. Have a chat with a broker and see what comes up.

You need to apply to the correct lender if time is against you as the vendor could pull out if it drags on too long.[/QUOTE

Will def look into another lender. The vendor pulled out of her last purchase as she gOt impatient. Not sure what she achieved. She is having her house bought by the government so needs to buy a house soon not keep pulling out!
I obviously don't want to hold things up unnecessarily but on the otherhand don't want to buy in haste either

kingstreet

Can you set out for us your;-

incomes
purchase price
deposit
credit commitments (monthly payments with more than 6 months left)
number of dependents

and we'll see if there's a lender for you.