Reduced Mortgage Offer
So me and my partner are in to buy our first home together using money from my inheritance.
She has a previous IVA that has been completed since February this year, no payments missed etc.
Our broker got us an offer with Nottingham building society, they got us a good agreement in principle, we then had an offer accepted on a property.
Prior to them submitting the mortgage application, Nottingham have asked via my broker to either pay an extra £10’000 deposit or clear my partners car on finance that was around £4000. We cleared the car as this made logical sense and we now own it.
Upon submission the mortgage application they have then come back and reduced our borrowing by £90’000. My broker went via their BDM and underwriters but got knocked back.
We have been told Nottingham were happy to lend as per the original agreement but the FCA got involved due to it being a high risk lend with the previous IVA.
I’ve put a complaint in to Nottingham as they have told us to pay the car off or add the extra money and we would be good for the mortgage. We’ve now lost out and have paid solicitors/surveyors and it’s looking increasingly likely we are going to lose the property.
I understand nothing is finalised until we have the offer and even then they could rescind it prior to completion. But this just feels wrong and I would like to know anyone else have any similar experiences, if our complaint is likely to amount to anything or if there is simply anything we can do to have this decision overturned/reviewed?