Was hoping I could get a bit of advice from anyone who's gotten a mortgage based on their day rate in the past...
I am using one of the contractor specific brokers (don't feel like naming which one quite yet as I'm quite angry with them) and they did the usual of giving me rough borrowing figures based on my day rate, telling my I could borrow approx £450k. They went as far as to look at my and my wife's credit reports and generally do what seemed like due diligence.
Based on this we've found and agreed to buy somewhere. We need a much smaller mortgage than that amount (about £300k) but having put the actual application the lender (Nationwide, who we've been with for 15 years) has come back and said they'd only lend us about £225k.
This would obviously scupper everything and is half what the brokers thought we'd be able to borrow.
At the moment the broker is now going through my credit report with me with a fine tooth-comb and looking for discrepancies between what's on there and what we've told the lender. There's one significant discrepancy we're going to correct but I can't see how even that would make such a large difference and messing around with these numbers strikes me as fiddling while Rome burns.
He's suggested a different lender may come up with a different number and although we'll try that I guess I'm really worried.
My questions to experienced hands are as follows:
Are these brokers charlatans, effectively lying beyond all belief before the application goes in?
Has anybody been through the process and experienced similar problems with amount the banks are willing to lend them but has managed to sort things out (different lender, tweaking figures, etc).
Please, any advice gladly received.