aldermore questions

binerds81

Hi there

Long story but i refused a mortgage on a shared property due to some defaults 4/5 years old. Due to the limited amount of lenders and the fact the property was put back on the market and sold to another buyer i decided to look at 100% ownership.

I have an aip with aldermore for 90%LTV which was initially referred but approved about 2 hours later.

Obviously I'm nervous due to the previous experience, does anyone here know what aldermore are like for giving aips and then declining at full offer or might i be able to see light at the end of the tunnel finally!

Also do you know about the paperwork they require, is it 3 months wage slips and 3 months bank statements etc?

Any opinions welcomed im stressing that it can't be true that i might actually be able to get on the housing ladder! !

libf

http://www.aldermore.co.uk/intermediaries/residential-mortgages/literature-downloads/

And more specifically: http://www.aldermore.co.uk/media/1726/lending-criteria-guide.pdf

binerds81

Thanks libf - i can see i fit the criteria, but just worrying because i fit the criteria of the last lender then they changed their rules about accepting people with historic payday loans so I'm just really dreading the same happening again!

Also i can see about wage slips and ID docs etc. but can't see it anywhere specifically saying they need wage slips so was wondering what anyone's experience on this was. Reason i ask is that i cleared a default from 2011 in april from a payday company and this is what triggered the decline with previous lender!

I suppose i probably won't stop worrying until the offer has been posted out ha ha!

waseem3578

We have just been refused by Aldermore with nearly a 14% deposit on a house purchase of 175,000 due to the case having too many risks for them although on Friday they told us they were happy to lend 151,000
we then instructed the solicitor to start the searches
really lost now
have appealed to Aldermore and dont know whats going to happen tomorrow

Jemima09

I've just exchanged on a house with Aldermore as the lender, 85% LTV. I was asked for 3 months bank statements, 3 months pay slips, 1 P60, and proof of savings. Think that's it.

I had 6 defaults from 2009 (technically only 5, but one of my debts got sold to an agent so they both showed the default!) all satisified over a year ago. They weren't bothered about the defaults at all, although none of mine were payday loans so I don't know their stance on those, however I don't think you'd have got the AIP with them if they had a problem.

binerds81

Hi waseem3578 -thanks for the reply & i hope you have managed to sort out your situation ?

And jemima09 thanks, they had the same paperwork from me then asked for an employers reference due to differences on my payslips (tax code was wrong and was changed recently affecting take home amounts) and the valuation booked in for today. Also asked about the source of deposit and asked for proof of my redundancy amount as this provided a lump sum so have given them the payslip showing that paid to be last year.

I'm sitting with everything crossed really just waiting now!

Jemima09

fingers crossed for you! Mine went through really quick after the valuation

binerds81

HI Jemima09 - valuation report received at the offer price so all ok there all paperwork they requested sent off. How long after valuation did you get the message that the offer would be "in the post"?

I've got all my fingers, toes and even my eyelids crossed right now!

Jemima09

Mine was really quick, within a couple of days I think. I've actually gone through it twice now. On the first house, the valuation was on a wednesday, and my broker found out on the saturday that it had been accepted, so probably the decision was on the system on the friday..

then the vendors pulled out

On the second one, that's gone through in record time, but I don't know if that's because obviously they had all my stuff from the first time, although they said it was still treated like a fresh application. I don't know exactly when the survey happened, but there wasn't many days between me paying for it and the offer, so it was definitely quick!

binerds81

thanks very much I hope mine will be similar!