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Help AIP calculated incorrectly by MA

Octopod
Octopod Posts: 7 Forumite
in Mortgages & endowments
AIP agreed over phone 18/02, Full app accepted for processing 23/02...




Just had a phonecall from lender saying the AIP was incorrectly calculated. Due to having 1 child already and being pregnant with another, the Mortgage Advisor only put down 1 dependent but apparently should have put 2. Based on this they are only willing to lend £5000 less than they originally said! The shortfall pushes over 90% LTV bracket so obviously can't do anything with this and Mortgage term can't be altered because we are at the max limit for that. What should I do? Advice greatly appreciated!

Comments

  • amnblog
    amnblog Posts: 12,761 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Who told them you were expecting?


    Or did you go in branch with your 'bump' on show?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Octopod
    Octopod Posts: 7 Forumite
    I admitted it from the start and even gave them a letter from my employer to confirm return to work after mat leave but they still only put down 1 dependent!
  • stator
    stator Posts: 7,441 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Is HelpToBuy an option? If the lender offers them it's not any extra hassle for you
    Changing the world, one sarcastic comment at a time.
  • amnblog
    amnblog Posts: 12,761 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Looks like you need to find either £5,000 or another Lender Octopod.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,761 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    stator wrote: »
    Is HelpToBuy an option? If the lender offers them it's not any extra hassle for you


    Not sure what that has got to do with it?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Octopod
    Octopod Posts: 7 Forumite
    Thanks for the replies.


    It turns out not only had they not put down the 2nd dependent but they had a joint loan down as two loans. They also mis-calculated the commission of my partners salary and didn't put down projected reductions in childcare. The allowance went from 184,000 up to 245,000 so well within what we need of 189,000! Phew! Now to wait for any dramas over valuation!
  • amnblog
    amnblog Posts: 12,761 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Top Lender service once again.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • stator
    stator Posts: 7,441 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    amnblog wrote: »
    Not sure what that has got to do with it?
    OP said shortfall would push them over 90% LTV. HelpToBuy allows a mortgage above 90% LTV?
    Changing the world, one sarcastic comment at a time.
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