Mortgage offer lower than expected.

[Georgina89]

Hi, hope someone here can help us. We spoke to a mortgage advisor who said that we would have no problems borrowing £250k. (We only need 238k). So we find a house, our offer is accepted, sent all the official paperwork to the mortgage advisor, he has just come back to us saying that they will only lend us £204k.

So, we are a few £'s short. I have phoned round a few other financial advisors, but realistically is anyone going to lend us more money? Not sure what to do, and will be gutted to lose this house. TIA.

We managed this by overspending on our extension and having to take out wildly expensive personal loans to pay for the rest. What fun! So we're quite used to paying out around two fifths of our mortgage payment again on servicing our loans. Yay. I'm hoping to roll them into our mortgage next time we fix as we will be able to prove we've been managing ok for two years with the big ass payments. We kind of want to fix for five years too, and hoping that will work out as we will have well under 60% LTV whereas when we remortgaged last time to build the extension we were at around 80%.

Let's not mention the credit card that paid for the landscaping and the bathrooms.

Never build an extension.

We had problems with Nationwide as well. Wanted 150k, and they were willing to give us over 200K. A while later they got back to us and said they were only willing to offer just over 100k. After complaining, it seemed they were double counting something, and could then offer 148K (with a term of 25 years). Which was fine. A couple of weeks later they were phoning up "with good news, you can now borrow over 17 years instead". Told them to leave it alone as was not convinced that they would change their mind again. This was after several years of a previous Nationwide mortgage when we had overpaid every month, and the LTV wss goung to be less than 50%. Might try elsewhere next time.