Renegotiating sale price after offer accepted
I am a first time buyer. Despite initially agreeing to lend me the required amount based on my credit check and salary my bank (Brittania) have now come back to me, 8 weeks after the offer was accepted, saying that they have decided to discount my additional income and will only lend based on my basic salary. As a result I now have to come up with an extra £5,500 or face forefeiting the mortgage application and valuation fee's paid, not to mention the advanced solicitors fees already paid. Is it possible to approach the sellers via my estate agent, explain my predicament and ask them to consider a lower sale price, maybe meeting in the middle of the additional funds I will have to find? I don't want to lose the property, and feel terrible to pull out at this stage, but £5,500 is a lot to come up with in a short space of time. How likely is it, in the current market, that they will accept this?
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