Aldermore- Awaiting Offer

chris_martin

Hi there,

First time posting so I hope that I follow all the rules correctly, just a bit anxious waiting on our mortgage offer.

We are currently purchasing a new home for £198k, with the sale proceeds from our current house of £185k minus the current mortgage with Aldermore of £28,500, with a mortgage of £56k so a very low LTV of 28%.

We have had the DIP, and the valuation came back on Friday all ok, and the advisor (applying through Aldermore direct) said that the underwriter has nearly completed the assessment, so it should be with us within 48 hours, now I know that 48 hours has only just passed but we're panicking abit.

I do have some bad credit, a couple of defaults in 2012, which are now settled and Aldermore are aware as we remortgaged current property last year to clear all our debts, but still worried that they will refuse the mortgage even after a successful DIP and valuation.

Anyone know how Aldermore underwrite and would they have instructed the valuation if they were not happy to lend?

Any help or reassurance would be very grateful.

Chris

amnblog

They effectively underwrite when everything is in. They seem a little slow at the moment. You will probably need to show some patience.

chris_martin

Thanks, I know I should do but cannot help feel anxious.

They underwrite when everything is in, that's not good. I would hope that they would check they wanted to lend then order valuation to save on lost fee if declined.

Does the fact I already have a mortgage with them and it is a low LTV help?

Thanks for all your advice it really is appreciated

amnblog

Straightforward cases go to offer.

It's the rare unexpected or missed detail that causes delays or problems.