Maximum Mortgage (Porting With Chelsea)

buncey

Hi Guys & Gals. Been an avid reader of this site and forums, been enlightened a lot, reading about what goes on in MSE world.

On to the nitty-gritty. We have recently gone for a Part-Ex with Barratt Homes, received our offer, they have accepted our offer, all smooth on that side of things, Barratt put us for a credit check with their preferred mortgage provider before we could reserve the plot, checked we could afford the mortgage based on earnings etc, all seems well.

However, the mortgage company Barratt preferred were v.pushy to say the least, so I decided to speak to our current provider, our situation being as follows;

Current House valued at £110,000
Accepted Part Exchange at £105,000
Mortgage on current property currently owing £61,000 costing £342pm
Debts of £10,000 (Wedding Loan) currently costing £350pm
Debts of £3800 (Credit Cards)
1 Lease Agreement (Car) costing £96pm
1 Child, 10mth Old
Combined Wage Of £45,000 plus bonuses.

Our intention was to pay off all credit cards and our loan with equity from property.

Chelsea came back with an offer (Maximum Loan Value) of £110,000 - A good £65,000+ shy of what we needed and what has been said we could achieve elsewhere.

We have asked them their reasoning, and they won't tell us why it is so low... Did we have unrealistic expectations here??? Am I missing something real obvious?

The reason I am asking for help, we don't know whether it is worth us trying elsewhere or not, so any help would be appreciated from anyone in the know.

Regards
B