FTB anxiously awaiting mortgage offer

Opal_Fruit_2

Hi everyone,

Myself and my partner are first time buyers. We are currently waiting for a mortgage offer from Aldermore. We submitted our application on 1st April and since then they keep asking for more info. Each time we give them the documents they have requested we then expect a decision shortly after and each time our mortgage advisor calls us to let us know that they need more info. We knew it would be a bit more complex as it's an adverse credit history case but I'm starting to worry as our entry date is 27th May and I have no idea what still needs to be done once we have our mortgage offer. I'm worried incase we don't have time to get everything done before then and it needs to be pushed back as we have put in our notice on the flat we rent. Is it reasonable to think it can still all be done in time and also, what happens once the mortgage offer comes through and how long does it all usually take? Thanks

ACG

If they are not declining it, that is usually a good sign in my eyes.
What are they asking for? I only have issues with aldermore on new builds, everything else seems to be fairly straight forward with a common sense approach.

Once the offer gets issued, it gets sent to the solicitors and the conveyancing starts which normally takes about a month, but can be less if your solicitors are good and pushed/told of the urgency.

Opal_Fruit_2

Thank you ACG, they are asking for things like more proof of ID, more proof of address, more bank statements etc. The latest thing now being more payslips and a declaration we now need to sign. Can you tell me what the declaration is? I have to pick it up tomorrow. I'm just not sure how far along we really are and no idea of a timescale. We also had a mortgage in principle before we submitted our application. I guess I just thought we would have had an answer by now and am starting to get a bit worried and antsy!

Opal_Fruit_2

Also, I forgot to add that they are now registering another lawyer as our solicitors only has 2 partners and it's aldermore's policy to have 3. Is this a good sign as I don't know if they would go to the lengths of registering a new lawyer just to decline the application?

ACG

The declaration is a form as standard and should have been given to you as soon as the application was submitted.

What is wrong with the documents you originally provided?

Something does not stack up.

Opal_Fruit_2

I know that they wanted another copy of my driving license as I think the copy had a smudge or something on it so it wasn't clear but I have no idea what was wrong with the other original documents, we have always handed in everything we were asked for but they just seem to keep wanting more. I voiced my concerns this morning to the mortgage advisor about the entry date being the 27th may etc and he just said it's all progressing and this is just how it is with an adverse case and that you just need to give them what they are asking for. The application was submitted on 1st April but this is the first time I've heard about a declaration. We signed the direct debit mandate and all those sort of things way back when we submitted the application but not a declaration. Is the 3 partners policy something you have seen before? Should I view this as good news or are they still just as likely to decline after registering another lawyer?

ACG

I submitted an application to them on the 29th March and it was offered on the 18th April. Aldermore are not a difficult lender in the main. The delcaration form and DD mandate are issued at the same time as soon as the application is submitted, you should have had both sent together. Unless its a help to buy declaration and maybe that is the form he is talking about?

Not all solicitors are on panel so you do sometimes need to switch. Its a sign that they are happy to do the mortgage subject to getting the documents. Assuming you can satisfy their requirements you will be fine, but I have never really had this crop up with them.

Opal_Fruit_2

We signed the direct debit mandate in our mortgage advisors office but not a declaration and it's definitely not anything to do with help to buy. I guess I will find out tomorrow. Thank you ACG, I really appreciate you taking the time to answer. Fingers tightly crossed that we will have an offer soon then!

Opal_Fruit_2

One last thing, I noticed on some old posts I was reading that they can sometimes have a backlog, is this the case at the moment?

David_White

I wouldn't be too concerned.

To be perfectly honest this sounds like your broker wasn't very organised before submitting your application more than anything.

Opal_Fruit_2

Thank you David White