Mortgage in Principle

ozzy2016

Hey!

I was wondering if anyone had an advice to help me with this...

We have had our mortgage in principle and a house offer accepted, the mortgage has now gone to the underwritters and they are dropping the amount we can borrow by £23,000!!! They have not given a reason for this, it seems they simply do not want to lend us the amount of money they have agreed.

Where do we stand on this? We have proved absolutely everything and we both have excellent credit ratings.

Please help

Thank you in advance

David_White

Are there any deductions on payslips that could have been missed initially.. childcare, car loan etc?

ozzy2016

Hey,

No there is absolutely nothing!

teffers

I had mine lowered by just short to 2K from DIP to offer with TSB last year.

The only thing I could think that it could have been was my student loan which had a similar amount outstanding. Annoying as I'd given my independent broker all the details at the DIP stage.

Not sure if this is relevant in your case though ozzy as it's a much bigger drop - hope they sort it for you.

David_White

Ultimately it's the lenders prerogative to choose how much they lend and it's not unheard of for the figure to change from DIP to Application/Offer however of course it's frustrating to not understand why.

It may have been reduced after an underwriter reviewed your bank statements.

If the lower amount doesn't work for you I would consider a new lender as they won't all assess your affordability in the same way.

kingstreet

You need to establish if its an affordability issue - if it is, there was something different between the input data at DIP and the supporting documents at full app.

If you are being offered a lower amount due to loan to value (work it out!) that is a credit score issue (the lender's, not '999' etc) which could have changed if there has been a change in your credit history.