Aldermore

christologymum

Has anyone got their offer recently, still waiting here. Applied on 22d july :-(

GMS

When did the valuation come back?

christologymum

Valuation came back fine on 25th July

They came back with offer today 30k short of what we need on account of the fact we pay student loan through paye, which they knew about from the outset and had pay slips on 22nd July, so back to square one :-(

GMS

Did you use a broker?


Have you done an affordability calculation including the loans?


Can you extend the term to make it fit?


You have used Aldermore for a reason so I guess you don't have the pick of the market?

christologymum

Yes we used a broker. We'll there broker. We did have a broker and he was useless and then we contacted another but they said we'd be best going with aldermore and doing it ourself so that's what we did.

I'm not sure if they were included in affordability initially as they aren't credit commitments, they just show on wage slips as a deduction. I did ask the question if they would cause a problem and was told by aldermore that when they were doing the calculations they looked at take home pay, and the student loans come out direct from our wages so when your looking at take home pay they are already included and accounted for. They don't appear on our credit files.

It's one of those things I guess and I understand the reasonings but what I am annoyed about is that it's taken them this length of time to get to here. I know they have massive backlogs but I was told numerous times that the underwriters had looked at all our documents (wage slips showing the deductions) and everything was fine it was just waiting for offer.

Back to the drawing board, will have to increase deposit to get it through at 90% ltv hopefully or we'll loose the house :-(

christologymum

Oh yeah sorry can't extend term as max is 32 years due to our age.
Also they started asking stupid questions like where was deposit coming from, when we'd already sent bank statements showing deposit, so makes me think they hadn't actually looked at anything until that point.

The guy I speak to at aldermore, I can't fault him as he's always been great but is it worth putting a complaint in about how it's been nailed or shall I just suck it up and move on?

christologymum

Handled not nailed

amnblog

Aldermore policy is that the supporting documentation will only be assessed once the last item has been received and the valuation report received and reviewed.

As a result, when a case goes in with Aldermore you can expect no practical response until a couple of weeks after the valuation comes back (assuming you have sent everything else up).


Student loans impact affordability and are a credit commitment.

GMS

If the case has failed affordability due to undisclosed commitments then it isn't the fault of Aldermore, it's the fault of the person who inputted the information.


The case would have been underwritten on submission based on the information provided. The documents are assessed at the end when the underwriter does the offer review.


Asking where the deposit came from is a standard question. Showing a bank statement with £x in doesn't tell the full story.


Any deduction from your wage other than tax and NI will need to be factored in to the affordability calculator. They are built to account for tax and NI but nothing else. Clearly a deduction from your salary lowers your income so will impact on borrowing.


Has your broker explored any other options?