Very worried... Aldermore need to speak to me before completion on Friday.

vase

Hi,

I've just received an email from my solicitor stating that Aldermore have refecied the request for the mortgage advance in order to complete on Friday but that they wish to "speak to one of the applicants before completion".

As you can imagine, this has really concerned me! Has this happened to anyone before?

I took a new credit card out with natwest last week (my bank for ease) in order to be able to make protected big payments when I start buying things for the new house. As part of my application, I said that I would pay off three current cards (3k) with proceeds of sale, which I intend to do and the reason I took this one out instead of using the others for protected big purchases is that the rate is super low.

Do you think that this could be the issue, or is it a standard check that they do on some completions? It is under the Help to Buy guarantee scheme, not sure if that affects anything.

My broker has said that he can't see the card being an issue, and perhaps they're just doing security checks.

Any experience/advice in relation to why this might be appreciated.

kiddakidda

From what I have read on this forum, applying for any credit after a mortgage offer is issued is a big 'No No'

However, I'm sure they would have told your solicitor if they were not going to release the funds

Get on the phone first thing.

ACG

Its not a standard check.

Any other lender I think I would be wondering what it is, but as its aldermore there pretty black and white. I imagine there is something they want to check.

Whats the situation? Anything to be worried about?

Dave_Ham

Firstly relax (and your broker should be aware of this so should have stopped this stress initially)


Whilst it is naïve to take on any credit pre completion to use now or in the future, this has been done


Aldermore are one of a few lenders that insist on speaking with you pre completion and this is perfectly standard.


They ask you for work telephone numbers, confirm a few details, talk through your payments (check accounts) and generally like to welcome you to Aldermore.


This is all routine and nothing for you to worry about, but do not spook them and tell them all the things you may have done/will do etc.


Good luck with the move

Dave_Ham

ACG wrote: »

Its not a standard check.

Any other lender I think I would be wondering what it is, but as its aldermore there pretty black and white. I imagine there is something they want to check.

Whats the situation? Anything to be worried about?

They have started doing this in the last few months mate. They do not go through the broker, but like to check contact details etc.

ACG

Dave_Ham wrote: »

They have started doing this in the last few months mate. They do not go through the broker, but like to check contact details etc.

Really?
None of my clients have told me about receiving calls, Ive had 3 complete with them in the last month.

It would be nice if lenders told you this would happen - if nothing else it stops us looking like we dont know the process but also stops people worrying.

Dave_Ham

Apparently it felt really natural and relaxed and we only found out fairly recently, when they called us as they could not get hold of client (on holiday)


Unsure whether it is on every single case, but certainly now we are aware we have been told on a few occasions.

christologymum

We completed on 10th oct and only got a phone call the week after to check we knew how much direct debit etc was and that everything was ok.
Also no further credit checks after initial one at application.

amnblog

Dave is right.

We noticed Aldermore starting to do this in the summer.

Standard procedure.

vase

Thank you so much for your replies! I can now continue to pack with some excitement! Very much appreciated

kiddakidda

vase wrote: »

Thank you so much for your replies! I can now continue to pack with some excitement! Very much appreciated

I would have been the same as you................. sitting a brick!!

At least we have some knowledgeable members on here :beer: