doesn't look like we can get a mortgage

[gemmiegoatlegs]

Our house has been up for sale since last summer and we've finally sold it. When we put it on the market we went to see an IFA and got an agreement in principle to borrow 80K. Now we have offered on a house and need to borrow 77K and it doesn't look like we are going to get it. We have been turned down by two providers already and my financial advisor has started mumbling about self-certification mortgages.

Our situation is that my dh is in permanent job, earns 15K and I am a student - I get income from tax credits, educational grants and paid placements bringing our combined income to 26K per year.

With the recent credit crunch, none of the lenders seem to be offering mortgages based on affordability anymore, it looks like its gone back to 3x salary.

We have got 40% deposit for the new house and both have good credit so now i am in despair of ever being able to move.

We have been waiting for this for so long and am so disappointed

gemmie my dp has an ad on here he is a broker and may be able to help you can contact him here

I had this problem when i bought out my ex. But eventually I got a mortgage from IF. Not ideal rates but it will do for now. Plus no early repayment fees and i can take 2 payment hols a yr.

at this point I am wondering if we would be better to just take our money and rent until I'm qualified. the rents are about the same as the mortgage would be in the new house.

What' s really bothering me is that we have had our offer accepted on this other house, having been assured by our IFA that we could get the money. whilst we are waiting for him to flog a dead horse they might be spending hundreds on legal fees and surveys.

I really don't want to pull out and let them down but if we tell them we are having problems getting the finance they might pull out, even though the money might come through.

That is a good idea.We viewed a flat a few weeks ago which was lovely and if you took out a svr mortgage would cost 1600 per month in mortgage payments.It hasn't sold despite being on with 4 agents and is now to let for 900 so cheaper and safer to rent atm.£15k per year and student income is too risky atm i think In a year or two it will be easier and you can meanwhile save a bigger deposit hth x