Aldermore Underwriting Process

Jb75

Does anyone know the Aldermore underwriting process ?

Had DiP - pass
Application submitted and paperwork
Came back asked for mortgage statement
Valuation carried out
Now waiting for the NewBuild Underwriter

Is any evaluation of paperwork carried out before it arrives in underwriter que? Have read there are 2 underwriting stages in which case is this the first and will it then need to go to 2nd underwriter before being issued? Where do affordability checks etc take place?

Read so many nightmares about underwriters turning you down last minute due to credit card balance etc. I am clearing mine (2k) before completion but is that going to go against me?

ACG

I cant speak on the new build equity loans with aldermore as I do not do equity loans and Aldemore have only been doing them for a month or so, but in general....

If all of the paperwork initially requested is on the case within around 48 hours of submission it will get an initial assessment. At that point they will ask for extra documents if needed (as appears to be the case) and then it will be looked at again once the valuation is in.

Im sure you will be fine as Aldermore are pretty black and white, if it has got this far I would be very surprised if it got declined now.

Jb75

Thanks for reply - although it's a new build its not an equity loan - we are looking at 85% LTV with 15% gifted deposit

unicornbunnies

Hey!

so - all my documents went in the same day as full application process, valuation done, then the house came back 2k lower than expected so more specialist reports needed which are getting done this week. (aldermore wont accept a 2k reduction in retention from vendor they defo still want reports done for me - argh) and been asked for more documents

then apparently its a waiting game after that.

thats just my experience so far

i got told if you think you have been 100% honest with everything at DIP there will mostly be no issues

amnblog

Aldermore underwrite when everything is in.

The process post valuation can be slower than you may hope.

They rarely decline anything that is OK at initial full application (subject to valuation being ok).

AndyAtu

Have you had a mortgage offer yet from Aldermore? I'm just wondering on time line as also considering mortgage with them.

djucam01

Hi,

I am also applying a mortgage with Aldermore through a mortgage broker. I am currently on maternity leave due to start in March. My partner works part time. However, according to my MB as long as my employer confirms my return date to work, the application will be fine. But, I am still worried be rejected. I have two defaults under credit experian credit report and my partner has one default but all settled now. My income is 21k and my partners which is a fulltime student annual income at the moment is 5k. Any advice on this? The DIP stage was approved, and application sent on Tuesday. Does anyone know how long Aldermore mortgage process takes?