Has anyone managed to secure more borrowing from another lender ?

[DarkDaysHopefullyOver]

I have been offering maximum lending 40k under my mortgage in principle. I am weighing up the risks of pulling out and trying another lender. We are homeless (my children and I from Friday this week). The process has been ongoing for 4 months, this included my seller having to go to probate as his dead wife was still on title deeds, and my mortgage broker has not been very good and been on alot of annual leave. Now I am getting pressure from the seller and their estate agent to close ASAP, and of course I want nothing more.

Has anyone else been unsuccessful with one lender but okay with another?

Are you using a broker?

Yes, using a broker, but feel I should go ahead with other applications myself perhaps? He's been very unresponsive and I've been sending documents into current lender myself.

Is your income 40k or is 40k all they will lend you? Is your broker whole of market? What's the property you are buying with and how much deposit do you have?
Eg sometimes it's not about affordability it's about ceiling price of the property a property worth 200k with 150k deposit no reputable lender will lend more than 50k even if your income is 100k

If you start making applications willy nilly it will affect your credit rating

They will lend me 40k less than set out within mortgage in principle, meaning I have a 23k shortfall. I have a small deposit, but car loan being repaid as part of application, so no credit commitments.

I am on my own with 2 children and using a shared equity scheme.

My offer was accepted at 2k under mortgage valuation.

Should I just accept it? It means having to move my children's school as I am priced out of our area, I can't compete. My youngest has additional need and eldest in second year in HS, I have never moved them before and eldest has a football club and great friends. I am distraught.

I did. Natwest AIP was for 208k. They came back and offered 10k less. Broker did another app to them with my new payrise included. They then offered a further 20k less! So 30k less in total, despite a payrise!!! This was last June, and was for 1.83% just before the rate rises got going. I ended up having to take a higher rate, but I did get an offer from Nationwide for £208k in full. No quibbling.
My broker was worth her weight in gold though. Highly recommend her. Georgie Thew, Salus mortgages. It was free for me as NHS staff. I think it would have been £199 otherwise.

The rough threshold for borrowing is about 4.5x your salary, but if you have dependents or other factors that amount will reduce. If you need to borrow over 4.5x your salary I think it’s unlikely. Your broker should have a feel for lenders that are more generous to be honest, I wouldn’t make my own applications as they will leave a mark on your credit file.

If you feel disappointed in your broker I would say you have nothing to lose by speaking to another one and explaining the situation to get their thoughts. Plenty of brokers don’t charge like London and Country for example. 40k is quite a bit shortfall, if you could get us closer the seller might reduce the price even to close the sale.

Have you asked your broker to look at stretching the term out to the maximum possible length?

Have you considered scrapping paying off the car loan and getting a smaller loan?

Is it not worth writing a very polite letter to the vendor explaining your shortfall and asking if they could consider meeting 50% of the shortfall by reducing the agreed price ?

I was in this exact position a number of years ago. Mortgage offer came in £40/50k under AIP. A friend recommended me a really excellent broker, not local to me, who I have used twice successfully since thenhttps://cwmortgagesolutions.co.uk/.