Aldermore Timescales

Gill247

Good morning,

Does anyone know the approx timescales with Aldermore mortgage applications at the moment? We were advised by broker on Wednesday that it is at final underwriter stage. We can't sleep at night worrying about this!

Back in March we sold our flat and put an offer in for a new home - after a DIP with RBS - which was accepted. We met with a broker who advised us to go with Nationwide due to my credit history (husbands is excellent, I had defaults dating back to 2010 which were paid in full by 2013, the last one dropped off my credit files at the end of April 2015. I dont have any current debt and 24 months of 'good' credit always paying bills on time etc. Husband had £1,500 on credit card we have paid in full this week). Nationwide DIP was referred and after alot of queries iro childcare costs etc and alot of paperwork, 5 weeks later they declined DIP. The reason was the LTV being 85% and me not having enough good credit history since defaults.

Broker then advised to use backup - Aldermore. The rates are higher but we can still afford. After broker discussing case with Aldermore the application was submitted 28th April. It refered as the Home Report was out of date (in Scotland) and we provided the refreshed HR on 01/05/15. They came back on 9/05/15 to say they had done initial checks but needed our latest P60s and bank statement showing our mortgage payments being made for last 12 months. They also sent us direct debit mandate to sign. These were returned to them on Monday 11/05/15. On Wednesday we were told its with the Underwriter and now we have just been waiting to hear......

What is making it worse is that the sellers have set a deadline of today for the missives to be signed. They have been patient the past 8 weeks while we sorted this all out but need to know ASAP if we are declined. We moved out our flat last week when the sale completed and we are currently living with my Dad and Step-Mum - not ideal with a 2 year old toddler!

I know there are lots of posts asking 'what are the chances of this being approved' and no one can really answer those, but any advise would be appreciated to get us through today!! (Away to bite remaining nails and fret)

ACG

I did not read your whole post but if it went to final underwriting stage on Wednesday then I would have thought it not today then it would be monday.

Dont worry, I have NEVER had a DIP pass and then it get declined at application stage with Aldermore. I use Aldermore more than any other lender as 90% of what I do is Adverse.

Like you say, they are not the cheapest and there can sometimes be cheaper alternatives but they are a pretty straight forward lender you either fit criteria or you do not and it would have been picked up at DIP stage if not.

The only potential issue is if there is anything on your bank statements/payslips undeclared but if you have been completely honest then I would just sit back and wait for the offer as it will come (and there are not many lenders I would say that about).

Gill247

Thank you so much for taking the time to reply to me! We have been completely honest about everything in our application and provided all bank statements etc. It is good to know that we will likely hear soon then!!
Thanks again!!!

kingstreet

We've used Aldermore on two cases recently after a long break in which we had nothing to suit them.

We've been pleasantly surprised by how well their processes work and how they stick to what they say.

"Does exactly what it says on the tin" as they say...

unicornbunnies

ooh so excited for you! hope it goes smoothly and let us know what happens and if you get it!

Loopyleahlou

We are in the same position our documents were received by our broker on Monday, she said we would have an update in 3 days, chased yesterday and now told will know by Monday we are FTB and I am so nervous something will go wrong!! Fingers crossed this has all gone through for you now!! :-)