FTB Aldermore

FTBHere2018

My partner and I are trying to purchase our first home - our timescales currently

24/08/18 Offer accepted
4/09/18 Broker Processes full application to Aldermore after AIP comes back approved
10/09/18 Phoned Broker - Tells me he needs to phone headoffice for an update

and we have had no contact since from broker - I phoned the brokers office and was informed they weren't in the office and will let me know when there's an update

I'm impatient I admit I just want a rough timescale for hearing back, I can't get excited about the house until I know the mortgage is sorted with Aldermore. (We're trying to purchase a newbuild at 92% LTV with a 7% deposit, idk if this could have any bearings on how long it takes to underwrite)

ACG

Call the broker and ask them to tell you the timeframes. Your not paying for a service where they should only be updating you when there is news. They should be giving you ball park timeframes and when to expect an update.

Your not being impatient by the sounds of it, they are not doing what they should be doing which is causing you to have more questions and worry.

FTBHere2018

Thank you for your advice ACG, this is a nervewracking process let alone with the broker not updating us etc
however an update on this: Broker came back to us yesterday, signed DD mandate, survey should be ordered next week.

FTBHere2018

We're not going through help to buy, I'm not 100% as as far as I know our mortgage is 92% ltv with 7% deposit, the figures and stats are hurting my brain at this point lol. As far as my understanding goes our mortgage is a 'normal set up', we're first time buyers etc, so I'm not sure basically :P

Our actual broker is on paternal leave and we have a broker covering for him, and thank you, I hope all will go through fine

CLARKR

Hi FTBHere2018!
We are in the same position. Applied on the 14th Sept, and going out of our minds playing the waiting game. Did you manage to get an update? Did you call Aldermore direct?

FTBHere2018

Hi Clark
It takes a while for them to get back to your broker, it depends on your situation as well, we got a response from the broker about 7 working days after full app, and request for additional information was yesterday, time frame seems to be about a couple of days between responses for aldermore once you're nearing valuation stage.

Valuation on my end has been booked for 25th September. So I'm looking at two weeks potentially for a response on that

Good luck with your purchase , feel free to ask any questions you'd like

CLARKR

Oh thankyou ever so much! Every little detail really helps to settle our stomachs right now - thank you - I really appreciate it - I wish you all the very best!!! Good luck your end!
Our Timeline:
DIP - 10/09
Full App - 14/09

We have been told by our broker that a valuation has been instructed along with a 'But they do in all cases' which i find difficult to understand?

Do you mind if i ask what additional information they requested?

Thanks ever so much again!
Fingers crossed for us both!!

FTBHere2018

Aldermore work on the basis of looking at the report from the valuation and make decisions based when they have all documents they need, I've heard from other brokers in this site, ACG above in this thread that aldermore are a great lender overall and they are specialist so work slowly and methodically. They asked for 3 months payslips from both me and my partner, p60, and proof of deposit/and gifted deposit, they came back to us and asked to clarify a few details through our broker, nothing too major. We've already signed the dd mandate and mortgage declaration for them, they look to have a turn around time of 25 days approx from full app
Thank you! And same to you

CLARKR

Ahh thankyou!! That's really good to know!

FTBHere2018

an update for anyone interested in time scales for aldermore so far
24/08/18 Offer accepted
4/09/18 Broker Processes full application to Aldermore after AIP comes back approved
10/09/18 Phoned Broker - Tells me he needs to phone headoffice for an update
14/09/2018 Aldermore requests documentation P60, 3 months payslips and letter of gifted deposit, dd mandate and declaration of mortgage
15/09/2018 Broker requests additional proof on behalf on Lender
19/09/2018 - Aldermore explain we need a bigger deposit, we provide a second gifted deposit letter to lender
Broker comes back via email and announces valuation booked for 25/09/2018

And now we wait.

CLARKR

Hey FTBHere2018!
Fingers Crossed for you!
Your valuation is tomorrow!!!
We are having our Valuation today. Today, Aldermore have requested updated bank statements since we applied on the 14/09 so I am hoping we are getting closer! Good Luck