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Re - Aldermore Mortgage timescale

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Re - Aldermore Mortgage timescale

edited 9 May 2019 at 2:52PM in Mortgages & Endowments
30 replies 5.8K views
redman1989redman1989 Forumite
64 posts
edited 9 May 2019 at 2:52PM in Mortgages & Endowments
Hi All,

Me and my Wife are buying our first property together and was wondering what time scales I should expect as we are also in the process of selling the house she owned before we got together.

Obviously going with Aldermore as I had some small defaults from 3+ years ago totalling to £600.

Mortgage broker had everything at hand previously 3 months statements, payslips, utilities bills, proof of deposit (will be from our sale, we will end up with £50,000 cash but will only need £26,000 for deposit), Credit Reports as we wanted her to review us first before anything got done, we had a DIP with another lender which was 15% deposit but we wanted the 10% for the cash (even though the monthly rate jumped!)

AIP Mortgage quote search on Credit Record - 29/04/2019
AIP was accepted - 29/04/2019
Hard credit Search - 30/04/2019
Application was Accepted - 30/04/2019
They requested valuation fee be paid - 30/04/2019
Valuation fee cleared my bank today - 02/05/2019
Further Payslip requested - 03/05/2019
Employment history info requested - 07/05/2019
Valuation instructed (no date confirmed) 08/05/2019
Valuation carried out (issues with a few cracks & uneven/sloping)- 09/05/2019
Requested to arrange a Structural Engineer - 09/05/19

MA said she will poke them today with regards booking the valuation in as the EA asked me when do i think it would be, MA seems is saying that it's not uncommon for them to take a few days to get around to booking the Valuation.

My Wifes credit has always been excellent mine's been fair on Experian other than the aged defaults from 3-5 years ago i've had nothing else adverse happen.

I earn £36,000 & she earns £30,000 buying a house for £260,000 so need to lend £234,000.

Saving grace is we are selling a lease hold flat which is looking to take a 1-2 months to complete so not in any immediate rush the stress is killing me though! I don't know if i should be expecting them to act instantly each time i do my bit as keep thinking something is going to go wrong as the time progresses.
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Replies

  • FTBLBFTBLB Forumite
    7 posts
    Hi redman1989

    We put our full application in yesterday with Aldermore. I’m now so nervous! We got told valuation will normally be completed in about 7 days so will keep you updated if we hear anything. Have you been asked for any documents to be sent? We have been asked for 3 payslips, 3 months bank statements, proof of deposit, p60, Signed DD mandate and had to sign application documents
  • Hi, I think they are busy at the moment. We had DIP & credit check on Friday 26th, full app in on Monday 29th, when they also debited the valuation fee, but it's not been looked at yet.

    Hopefully next step will be the valuation being booked, fingers crossed - will keep you both updated!
  • redman1989redman1989 Forumite
    64 posts
    @FLTBLB - I had provided all of the below to my Mortgage broker previously as I had some aged adverse credit she done a full review of my bank statements, credit report & payslips etc so she had everything at hand to send across.

    They have come back and asked for my most recent Payslip (Aprils)

    Signed application documents & DD mandate although very nervous now as our Buyers have gone silent so really put a massive spanner in the works.
  • aritchie24aritchie24 Forumite
    4 posts
    Hello,

    Me and my partner applied to Aldermore via mortgage broker on 12 April with mortgage offer received on 24 April - the fact we are in Scotland means they just take the home report so may speed timescales up a bit!

    My mortgage advisor did advise when we applied we should find out their decision in 10 days. Aldermore did come back asking us to clarify a few things on our bank statements in between times. My mortgage adviser did advise us on 22nd that with the Easter bank holiday they were running a week behind on their SLA - hope that helps and good luck ��
  • redman1989redman1989 Forumite
    64 posts
    Just an update -

    Had a few questions from Aldermore over the last few days employment history breakdown etc, heard they had a back log & MB informed me the Valuation has now been instructed.

    Hopefully have an offer shortly!
  • amnblogamnblog Forumite
    11.6K posts
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
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    Two things to note.

    They won’t ‘underwrite’ anything until the valuation is back so expect further work at that point.

    Most time they are working on information received 5 to 10 days previously. So don’t expect too much within a fortnight of your valuation.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • FTBLBFTBLB Forumite
    7 posts
    We received a recommendation letter from our mortgage advisor yesterday (we went direct to Aldermore) and said they would be in contact after the initial assessment has been carried out. I’ve checked my Experian and a hard search got done on the 2nd. We still don’t know if or when the valuation will be carried out
  • redman1989redman1989 Forumite
    64 posts
    I've just seen my hard search was done on the 30th and Valuation was only instructed yesterday, although my EA haven't been contacted yet.
  • FTBLBFTBLB Forumite
    7 posts
    Hopefully we will hear something in a few days then. I checked on the website and it is saying 6 days to underwrite and 25 days to offer so if that’s right we will still have a while to wait. Will keep you updated if we hear anything about valuation
  • EjstarEjstar Forumite
    3 posts
    Hi all, my mortgage application to Aldermore was accepted on 30th April and the valuation fees were paid the same day. They requested a work reference from HR on 8th May (it is a new job, same field but better paid) and my mortgage broker says that is the only document outstanding begore they'll book the valuation. Unfortunately, HR give themselves 5 working days to respond, but I will be chasing them every day ��

    Nothing really to add to the discussion except solidarity in waiting. I don't expect the valuations to be instructed before the end of next week though!

    Fingers crossed for speedy mortgage offers for everyone x
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