Aldermore - DIP to full application experience

Confusedftb_2

Hi all,

Hoping for any sharing of experience with Aldermore, please. Partner and I have had a DIP given from Aldermore and we’re going to start the full application on Monday through our broker. The DIP was given after a manual review due to it referring, so from our understanding this has been checked by a human already. (We’re not sure to what extent and this is what worries us)

We’ve been stung in the past and tried to improve our situation. Here’s a quick overview:
Applied for a mortgage on 95% LTV last year, but were declined. Partner has been on a DMP and I’ve not had the cleanest of history so it was a tough gig! His DMP finished in Nov 16 and he’s been practically debt free since other than a small credit card. I’ve got a higher amount of debt but better at managing it (in general, still not perfect). Neither of us have defaults in the last 12 months but assume due to adverse credit history, this caused a referral to underwriters when applying for DIP this time round.
We’ve increased our deposit to 10.1% through savings and now bring in a combined wage of £70K per annum (increased from 58k last year).
Our DIP with Aldermore was granted for up to 250k but the house we’ve had an offer accepted on is 235k.

My worries continue so I’m hoping someone can share their experiences with Aldermore to help us understand what’s about to come... Do Aldermore go back on their decision at application stage or are our chances a bit better if we’ve already been manually reviewed? Also does anyone have experience of what additional information they need - I.e proof of deposit or P60s? Nothing should be an issue, although our deposit is spread across two HTB ISAs, joint account and share saving schemes so a little messy and can be brought together if it makes sense to.

Thanks all for any advice or experiences you can share

ACG

Ive not read your whole post, but Aldermore in the main are quite good. I used to use them a lot more than i have recently but in the main I can not fault them. They will give you a security phone call at some point, but that is more to just check you have made an application and to check a couple of queries on your application - it is not to catch you out.

Thisisouryear

Hi, We had a DIP go to underwriters on Wednesday last week with Aldermore and full application has gone in. I am a bag of nerves.. keep thinking that they surely haven’t looked properly historically we have less that perfect credit!

Confusedftb_2

Thanks ACG, I!!!8217;ve read a few of your posts on here and like the balanced view. It!!!8217;s always nerve racking when applying.

Thisisouryear - I take it your DIP came back fine after manual review too? Keep us updated with your journey - we are likely going through at the same time... Good luck!!

Thisisouryear

Hi Confusedftb, we had an offer accepted on a house last Tuesday at this point MA applied to Aldermore for DIP later that day she called to say that this had been referred to underwriter and we would hear back by Friday.
I naturally thought this was the beginning of the end!
We then had a phone call on Thursday to let us know this had been approved and full application would be submitted Fri pm.
Initially I was so happy as an actual human had not said a flat out no !!!128513;
Now the nerves have kicked in!
Have you been advised by your MA what the timeframe is atm?

Lots of luck to you! X

Confusedftb_2

Were not due to apply for a full app until this week (sellers have not found so no immediate rush but we want to know for our own sanity). We!!!8217;ve become nervous about proving deposit funds to lender as have been informed we need to have full 10% ourselves (exc bonus received from HTB ISA). This is leaving us short until next pay - we!!!8217;re saving circa 2k a month. We!!!8217;re relctuant to put in a full app without this money in our banks but not sure how quickly they will ask for it. We need to speak to our solicitor I think. Have deposit funds been mentioned to you?

Thisisouryear

This hasn!!!8217;t been mentioned, when we first set out I explained to the MA that deposit would be part savings part gifted. (Parents have agreed to cover any shortfall)
In reality it will be all savings we just won!!!8217;t have it all for another few weeks and was worried about having to give proof before. Eeek I!!!8217;m going to go over this again on Monday with MA

ACG

If they can see you are most of the way there with your deposit and your incomes will get you there, I doubt they will make a meal of it. IF they do, I am sure a quick call from your broker will sort that issue out.

Thisisouryear

We are putting £1000+ every 2 weeks aside. I read that we would need to get a letter from sol to confirm any contribution from parents is a gift.

Confusedftb_2

Thanks - we!!!8217;ve worked out the short fall will be nearly there on April pay, and over allowed for in mays pay (I.e, we!!!8217;ll actually have more than needed). Are aldermore likely to consider this given our sellers haven!!!8217;t found? We can look to gift the money if absolutely necessary but that will change what we!!!8217;ve declared on the mortgage form

Confusedftb_2

Just to update anyone on this thread - full application has gone in, additional docs requested (proof of deposit and signature of declaration) and we!!!8217;ve been told well hear in a week.
Feeling anxious that this could decline at the first hurdle but not sure how far we!!!8217;ve got through the process. Valuation was instructed and came back ok - now all docs with final checks going back for review. Is this likely to back fire on us? ;/