So upset about mortgage, help/ advice please

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We are so upset.

We visited a well recommended mortgage broker in late July this year, was told we could borrow £270,000.

We put our property on the market at this point and got things moving. Called the broker back in August and the mortgage broker we’d saw had been dismissed.

Another staff member took over our case and looked over what we’d already submitted. Decided we could borrow £268,000 - fine.

We sent all relevant documents including tax report for my partner. He is self-employed and has been since Jan 23.

We’d been viewing properties for 3 months as sold our house, all around top end of our budget.

Finally an offer was accepted so went through numbers one last time with broker which is when he discovered that they’d calculated our income incorrectly. They had used my partners gross income averaged over 2 years rather than net income.

We are now 25k short for the house we’d been accepted on and I feel SO let down and upset.

I’m unsure if anything can be done, feels like the last 3 months have been an absolute waste of time and we will now miss out on our perfect home.

Wondered if anyone had a similar experience?

Go to your bank direct and see how much they will lend you. They often have mortgage calculators online to give you a rough idea.

You just need a different broker - it’s not a huge amount extra. Try L and C or some other ones that are fee free and see what you can find out.

I’ve had a look at the online calculators and they seem to be around the same figure as our new one. So disheartened! That is probably an understatement actually.

Increase the term maybe they will lend you more that way?

Yes potentially @Ihavepaidalotforthisstory. I hope so.

Would they let you borrow more if you can extend the term further? Also I think You can technically ask your buyers to pay a bit more to help bridge the gap which they might want to do to prevent the chain from collapsing

Thank you @ItsAWonderfulLifeforMe. Our sold property is shared ownership so we’re unable to ask for more unfortunately! We’re mid twenties and think the MA did the calculations on a 35 year mortgage, happy to go for 40 years though really.

We were refused a mortgage by nearly all len ders for the amount we wanted but then used a specialist broker who got us one.
I would look for a broker that specialises in unusual mortgages and see what they can do. You might pay more and a fee but you alao might get your mortgage.
We ended up with a higher interest rate for 2 yeara but then remortgaged to a very cheap rate with a high street lender after the initial term.

The broker we used was called A Mortgag0e Now. Not sure if they are still going but worth a look.

@DoobedobeThat’s helpful - thank you I’ll take a look.

I can recommend Mojo mortgages. I've remortgaged with them twice and they've been excellent - and free!

You need Rich Neilson from Smiths Financial - the man is quite literally an angel, specialises in SO properties and has helped us (and many others) with finding the best mortgages possible when other brokers couldnt help. uk.trustpilot.com/review/smithsfs.co.uk?page=2