Mortgage offer advice needed!

_AandL_

We recently put in for an extension from our lenders due to our mortgage offer expiring. However they would only lend us £70000 lower than our previous offer because of my partners temporarily reduced salary. We had a LTV of 75%, however we may be able to get a bigger deposit taking us to a 70% LTV. Will this increase our affordability and loan amount? Any advice is very appreciated. 

jamielutz1987

It's unlikely that your max borrowing would change due to the LTV moving from 75% to 70%.

Are you using a broker? We recently applied for a mortgage with one of us on a temporarily reduced income. Our broker said a few lenders may use the normal salary if the employer can give an appropriate supporting letter (mine wouldn't). 

There may be other lenders who are more suitable for you at the moment.

_AandL_

We are using a broker. We gave a letter but as the date wasn’t guaranteed they wouldn’t accept it. We’ve been told we have to wait until my partners salary goes up we have no idea when that’ll be.

jamielutz1987

I'm sorry to hear that.

_AandL_

Unfortunately the pandemic stopped our legal work for a couple of weeks so we couldn’t make it before expiry! It’s annoying as my partners job is secure. 

Fingers crossed you get yours through before the 17th!

Vestraun

jamielutz1987 said:

I'm sorry to hear that. 
We are in a similar covid induced pickle as well. My partner's employer is (almost certainly) going to announce redundancies on 17th August, so we are in a race to exchange and complete before then, our offer was accepted just earlier this week.

That’s madness, what happens if there are redundancies??