Paying 68,000 but cant move and get 60,000 mortgage

julsxx

I am trying to move and currently have a 68,000 mortgage which I have been paying without any problems.
My current lender now says that I cant afford to pay the 60,000 that I am asking for.
My tax credits have gone down but I can still afford to pay this, as my monthly payments will go down with the smaller mortgage.
Does anyone know of any lenders that will give you a mortgage even though when they enter the figures into the computer it says NO.
Explained to current lender that I want to borrow less and will still be paying the 68,000 if I cant move. So basically they are telling me that I cant pay the current mortgage even though I am.
Where is the logic?

Thrugelmir

The rules which lenders have to abide by when making new advances have changed. Existing in place arrangements remain.

Without knowing the specifics of your personal circumstances it's difficult to make any detailed comment.

amnblog

The rules that made £68,000 available to you no longer apply for new lending.

The world has moved on.

In answer to your question the regulator is told that the computer makes the decision and that is how it must be.

andyfromotley

might be worth posting a bit about yr income/outgoings as the brokers on here may have a view if you are a borderline case which may be accepted by a different lender.

kingstreet

Speak to another lender or a broker to establish if your affordability issues are with this one lender, or exist across the board.