First time buyer - Advice

Jess0956

I'm looking for some advice please. Myself and my husband are first time buyers and are looking to purchase a property we have 35K deposit and together bring in We recently spoke to a broker and he said the max we could offer would be 350K. We found a property for much higher but noticed the value had dropped so he advised us to put an offer but couldn't be any higher then 350K.

The reason for this I receive £1000 for the last 2/3 years monthly into my account from my father so he said we could use this gift salary to top up the (we are new to this so we are going based on what the broker is telling us). So we put an offer and it was accepted and our broker two days later turned around and told us we wouldn't be able to afford it. Cut a long story short he gave us false information. We now know the £1000 isn't an option.

Can anyone help with different ways to go around this to make it happen?

I am now trying different methods of ways we could still purchase this property but of course if there is no way I will go back to looking at properties within my affordability.

I hear having your parents as a guarantors is ancient now?
we have a property and its rent to rent (could we add this to annual salary)

Would really appreciate some advice?

Thank you

YHM

Never heard of a gifted salary top-up...

Barely any guarantor options available and its usually on the basis that the guarantor can afford the mortgage on their own (which would dictate a significant income for them).

I would personally expect your top level of lend to be closer to 250 - 260k, not the 310 - 315k, the other broker has mentioned

spadoosh

I think am ortgage of £315,000 when earning £58k is incredibly optimistic in the first place.

As an example according to the moneysavingexpert mortgage 'how much can i get' calculator (ive found it to be a little bit on the conservative side) suggests a mortgage of £145,000 to £203,000.

Im assuming your broker has already added in the rental income as there is a huge discrepency between £203k and the £315k theyve suggested you could get?