Help... underwriter hell 😞

EJNelms

Hello everyone. New to this page

We are in the process of trying to buy our first home. It's a shared ownership property.

We registered our interest at the end of August offering a 5% deposit. The housing association accepted us and so we started the process.

Everything has been going fine until now. On Friday last week, the mortgage company informed us that everything was ok and that a valuation would be booked for this week...

Then yesterday happened. Our broker contacted us to say that the underwriter had queries about some of our spendings and have currently offered us less than what we need. They did mamange to put some of our outgoings through twice which work out to be around £200 more than what we would spend. Also, the bank statements we provided showed a lot of personal spending (we went on holiday in August so it was a lot higher than usual and we didn't put anything away into our savings that month)
We've also explained that we can pay off a small financial obligation (we purchased a new TV on HP last year before we started saving) so hoping that will go in our favour.

We've come so far but we are now so worried that the mortgage company won't offer us enough to cover what we need to buy the house we so desperately want.

Does anyone have any experience with something similar and what was the end result for you?

Trying not to get my hopes up but also trying not to lose all hope 😞

Any advice would be greatly appreciate

Thrugelmir

Unlikely that the underwriter is basing affordability on your current spend. As this won't take into account all your spending over the course of a year. Nor your ability to withstand higher interest rates.

ACG

Who have you applied to?
How much have they reduced your loan down by?

Did your broker check affordability before applying? Why was the TV loan not entered as a commitment?

Are there any other commitments not declared?

As above, there are not many lenders who will go through your bank statements line by line and assess affordability, so you have either been unlucky there or you/your broker have missed something off your application.

EJNelms

They've offered us £5,000 less than we need.

The TV repayment was declared, but we've said that if it will help us that we can pay off the remainder.

No commitments undeclared, have advised everything as best we could. But as I said, they've totalled some outgoings twice which makes it look like we are spending more than we are which is around a total of £200 a month extra.

Seems we have been very unlucky �� Hoping it will end in a positive way

ritz55

See if you could maybe able to save £5000 over the next few months, if so then exchange early and complete late. That way you still get the house. Other option is to try another lender. Underwriters can be stubborn and difficult to get them to change their mind