Failed mortgage application - what next?

MsSmith888

Lender says they can't lend the full amount I need.

• Does this count as a 'Decline' if I apply somewhere else?
• Fed up with the broker who said they were WoM and recommended this lender - it is time to speak to another broker?

I am a FTB my LTV is 67%.

Please advise - I am so deflated after waiting three, long weeks.

Loads of other lenders seem to be pretty quick and I'd like a decision soon as I really don't want this purchase to fall through.

Has anyone else had the same happen to them?

RelievedSheff

Doesn't sound like it is a decline, more like they will lend to you but not the full amount that you want to borrow.

Difficult to say without any figures or back ground if you are likely to have the same elsewhere.

Whilst a 33% deposit on the face of it is good, if it is coupled with lots of other credit commitments then you could fall short on affordability. But with the scant information provided its impossible to tell.

You will certainly not be the only person who has been in this situation!

ACG

Thats a bit odd. The loan amount would only come down if something was missed/not keyed correctly.

Did they say why the loan amount has been reduced?

But no, I would not class that as a decline.

kingstreet

The current broker has all your details and suporting docs. They should be able to get another application submitted and turned around faster than a complete re-start elsewhere.

What reason(s) were given for the reduction? Usually affordability calculators and decisions in principle are accurate if the supporting docs back them up.