Worried first time buyers

align700

Hi all bet you read many of these posts in the past.

Me and my wife are trying to buy our first house together, iv been renting for some 12 years and been paying £400 a month in rent so iv paid around £57k in rent and it will never be our house (make me feel sick lol )
Anyway we got married in june 2012 and she moved in with me april 2012.
Here is why we are worried her folks are giving us £55k for deposit and we have found a house and made a offer for £117k and its been accepted :j, we are going through Aldermore Bank as they help people who have been turned down before from halifax and they gave us in principle £72k mortgage but now we only need £62k so lower mortgage and payments which is great and payment is £347 a month :j

My credit score is okish its only low bec iv never taken a loan out in the lats 9 years or credit card ect, i took a credit card out 4 months ago and pay it off every month so its sitting at `FAIR`
My wife doesnt have a great credit score but we are stable and both working for the same company joint income of £28k + commission and always pay out bills every month on time but some of her past debts are settled but still lingering and 2 defaults (but paid off)
we just paid off a cataloge we had just to free up more of our out goings as well so shows great on her file

The mortgage survey has been done and the value if £129k (£12k more than we are paying for it, so with a big deposit and but low loan will this help us?

Its been 1 week since done the application and sent all our payslips and ID . The underwriters have now asked us for our bank statements (was posted friday 21st)

Is there anything else we need to be worried about? or its this all going to flop in our face and lose all our fees we have paid so far? (£1000 in total)

have been struggling to sleep worried and waiting for that call to say `NO`

sorry for the long post but felt i would try to explain as much as i can

thanks

steve

Dave_Ham

Hi Steve,

Aldermore traditionally want bank statements, so try not to worry about this.

If there is anything in the statements that they will not like, then they will not like it. It is unlikely they will decline on any other reason unless something has not been declared, or not declared appropriately.

Good luck and try not to worry...

BobQ

There is no point in worrying!!

You have done all you can to make this happen, but you cannot second guess those who make decisions about loans or what the seller may or may not do.

ACG

If they were going to decline you, they wouldnt be asking for extra paperwork - waste of your time and theirs.

If they have asked you for something and you can show it then your fine.

I quite like aldermore, i've been to their offices a couple of times the staff are all really nice and helpful.

Ive had occasions where i havnt been able to provide what they have asked for and we have worked together to get something that will be acceptable... i actually cant praise them enough, good common sense underwriting.

align700

Thanks all for taking time to post makes us both feel abit better,
I know its hard not to worry but cant help it, The house is just what we want and ticks every box and more for our needs,
Aldermore guy said we had done very well getting a house for less than its valuation as he said this will be very good for us as the LTV is very low for a first time buyer

But deep down in my gut (i always think the worst) its going to be declined.

when I went through the application i gave him everything he asked for to the penny and he even asked us if we would like an extra 5k but i said no,

Il keep this post updated and ACG yes they do seem very friendly and understanding and always been at the end of the phone when i need to ask them a question

gazter

Sometimes it just seems to take a long time. It's took about a month for our local building society (really good rate!) to get us finally approved, offer documents should be in the post this week.

Something to think of though. You will be taken aback just how much your mortgage term can be reduced by small modest over payments.

If you kept your mortgage payments the same as your rent which is an extra £53 a month it will knock 5 1/2 years off your 25 year mortgage.

http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator#result

align700

Thanks for reply we have decided if everything goes well and we get the keys we would pay the same amount as i have been in rent, were happy paying that and budget just right.

just have every finger and toe crossed all will be ok

align700

UPDATE:

Had a call from Aldermore today mortgage approved and offer in the post YAY.

We are over the moon how Aldermore have helped us and the staff are always so friendly and helpful and I would highly recommend them to anyone.

So 10 out of 10 for speedy service and customer service

gazter

align700 wrote: »

UPDATE:

Had a call from Aldermore today mortgage approved and offer in the post YAY.

We are over the moon how Aldermore have helped us and the staff are always so friendly and helpful and I would highly recommend them to anyone.

So 10 out of 10 for speedy service and customer service

I got my mortgage offer document in this morning's post... it feels so good!