Aldermore offer pending

yanny86

Hi guys I’m very much a newbie but over the last 2 weeks have read every thread on here with any relevance to my situation in the slightest, anyway here goes.
single self employed first time buyer sort of.
i say sort of because this is the first time
i will be asking for a mortgage to buy a property I have however recently purchased land and built a property which I have just sold(was 50/50 with my father) and have walked away with a decent chunk of equity, my problem was my father wasn’t up for doing another one and I never had enough funds to go it alone, so have decided to buy a house with permission for a very large extension taking it from 2 to 4 bed and was hoping to live there for 3 years while I do the work( builder by trade) and then move on again building up more equity to eventually be mortgage free( we all have dreams) so any way have gone with aldermore via broker simply because I have very little credit history whatsoever no cc, no loans nothing, Salary 50k gross have s302s for last 8 years very steady, no dependents, have a 3k overdraft which I’ve never been in, Will be 68% ltv the mortgage im
asking for is just over 3.5x salary and affordability shouldn’t be an issue, I will still have a large lump of capitable left in the bank which I want to keep for the exstension and improvements as I will be fixed for 2 years so want to add as much capital as possible before remortgage, but aldermore seem to be dragging there feet, it’s been 2 weeks since I put in full application and they have just asked for more documents, is it worth
mentioning to them they I have a decent cushion still in the bank as savings or will they just ask me to lower the ltv with it leaving me with nothing to work on the house, sorry for the essay, have read that many threads on here and seen how much people have got good advice from you guys.

monkeymarbles

In my opinion, you are over thinking it - which is natural when your not in control and in suspense! Good news is that the process will be fact based against their standard criteria so if you meet it (which your broker will have already assessed) then it's just a box ticking exercise, making sure every bit of paper and checking is 100% and the underwriter should simply sign off and move to offer. The additional equity is irrelevant to them and LTV % is irrelevant unless you don't meet the criteria.

You can review it all here...

https://intermediaries.aldermore.co.uk/media/1050/residential_criteria.pdf

yanny86

Thank you for your reply, I have been over thinking it for 2 weeks finally cracked tonight.