Santander AIP Changed at Offer Stage

DIMMERS2013

Hi Everyone

Any thoughts on my situation?
Raising £52250 deposit from our current home to buy a new residential home. Our current property will be let. The remortage for this gone through to offer stage in less than a week with Natwest (can't fault them!) however Santander have changed from lending us 115k (we only will borrow 95k) to only offering £64k. Our broker has said the primary reason for this is they havent taken into account the rental income. He is confident of securing an offer from them but i'm now worried and nervous of getting this residential mortgage sorted out.:eek:
Does anyone think i need to worry?

Thrugelmir

Unless the property is unencumbered i.e. mortgage free. Then lenders will take the pessimistic view. In that the property may not generate any income and you'll need to fund the shortfall out of your own pockets. Affordability rules cannot be circumnavigated by releasing equity against potential income.

DIMMERS2013

But i cant get my head around the fact that we currently have a mortgage with santander 478 a month, the new mortgage will be 358 a month! the mortgage for the buy to let is 218 a month so the difference we have to find extra is £98 a month, so in affordability.
Still waiting anyway.
thank you for your response.