Aldermore application gone in.

Olliejoe

So after a week of trying our MA has put in an application with Aldermore. I had a bad time after a divorce and left with defaults of which some have cleared but one is still causing an issue as although it was registered October 2014 it wasn’t settled until May 2016.

Anyway Aldermore have requested more documents. P60’s, and a bank statement to show the funds for our deposit and to clear outstanding debts. I’ve actually cleared what I had the past few weeks (not showing on credit report yet) but my partner who has a clean credit history has a car on hpi and cannot pay this off yet! I’m now worried that this is going to get us a big fat NO now. My stress levels are already through the roof

Can anyone offer any advice?
Thanks

PowerofCats

What do you mean by 'a week of trying'? Sorry...confused!

Olliejoe

Well it took a week for our MA to get to a dip.

PowerofCats

Ahhh ok. Was that because that's how long it took, or was it initially declined or questioned?
Just asking as they've just declined my DIP and even the business development manager doesn't know why so they're appealing

ACG

P60 is normal for Aldermore.
Bank statements are hit and miss but if a high LTV then they do usually ask for them.

The reason they ask for documents is to evidence what you have told them. You have told them debts are cleared or will be but it has not yet updated on the credit report, so the only way to prove that it has been done or can be done is via bank statements, which is why they have been requested.

I know its a stressful time, but at the minute I do not think there is much to worry about. Easier said than done but just put it to the back of your mind for a few days. Nothing will happen between now and then anyway.

Olliejoe

Ah my bank statement only shows my money for my deposit that went on on the 4th of Jan that’s my latest statement. My payments clearing my debts will be on the 4th of Feb so maybe they’ll ask for more. I can always get proof from each debt I had showing a 0 balance.

I’m really trying hard not to worry at the minute. Thank you!

Olliejoe

Quick update we get the DD mandate and Declaration to sign today. I’m hoping this is a positive sign. I’ve been told that once all the paperwork is in they’ll book a valuation. This all went across today.

Fingers crossed!