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Lender changing amount they'll lend

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  • Lender changing amount they'll lend

    Hi first time buyer here,

    Having some trouble with my mortgage provider (Nationwide)
    I have used a broker (London & Country Mortgages in Bath) and they found me a good deal based on my net salary. They asked me my debts and the only thing I have is my student loan which is taken out of my salary automatically.

    The quote I got from Nationwide was very good and I subsequently made an offer on a property which was accepted.

    Now the process has progressed and Nationwide have seen my payslips they have queried my student loan. The broker must not have told them of my student loan as he had generated the mortgage quote based on my net pay

    The broker called me a week ago to say that it is a problem and that Nationwide may offer me less money.

    Then yesterday I received a short emailed confirming that will offer me £6,600 less but (seemingly) on the same terms, interest rate and monthly payments.

    I'm probably going to struggle to make up this amount and will probably have to pull out or find another mortgage which can offer the full amount I need.

    I've already paid a fee to Nationwide (£569)

    Would anyone have any advice on what I should do next?

    I'm disappointed in the broker as he hasn't so far offered any alternative, he just wants me to lump it. I also feel it is his mistake as he based everything on my net pay whereas it seems Nationwide go on gross pay? Surely he should have known this? Nationwide are massive mortgage providers in this country.

    Any tips/advice appreciated!