Aldermore - From DIP to Offer - July 2019

LawAbiding

Hi,

I went through the sleepless nights and stress of waiting whether our Mortgage application would be accepted via our Broker with Aldermore.

Spent hours reading on here peoples experiences from good to bad, but here's my experience:

27/06/2019 - DIP received via manual approval. It had to be referred to someone to look at.

02/07/2019 - Full Application sent to Aldermore

05/07/2019 - Aldermore Instruct Valuation for 10th July 2019

10/07/2019 - Valuation conducted and received the report same day, no issues

16/07/2019 - Broker spoke to Aldermore, who advised there was a backlog and we would hear following week

22/07/2019 - Aldermore issued the Offer to Broker, Me and Solicitor. The Offer has an error with Purchase Price and Loan Amount which Broker has said he'll get corrected.

25/07/2019 - Original offer received in Post

25/07/2019 - Revised offer received by email

So in total 19 working days from DIP approval, submitting full application and receiving first Offer. This could potentially been shorter if there was no backlog.

I got rate of 4.89% for 5 years.

3 months payslips were provided, the usual ID and Aldermore requested posted proof of address (I had to ring my utilities and ask for copies to be posted), but document requests did not delay it, as I provided everything which was needed before the Valuation took place.

Bank Statements were not requested.

Credit History:

12k Credit Card Debt
4.2k Loan
2 Defaults over 3 years old, both settled

This is across both mine and my Partners, Broker recommended we went for Joint, even though my partner does not work and has no income.

Obviously the rate is not the best, but just so happy we got the Offer and it was nice feeling to Instruct the solicitors to go ahead with the Searches.

Good luck, if anyone needs reassuring or advice about Aldermore drop me a PM.

Yan101

When you say the rate is not the best. What rate is it?

LawAbiding

Yan101 wrote: »

When you say the rate is not the best. What rate is it?

4.89% - According to the Product Guide, I would be classed as Level 1.

Yan101

Im looking at 4.19 with kent reliance. Only 1 default from 2015 settled in 2018. Is it fixed?

LawAbiding

Yes fixed for 5 years, when my report will be clean.

Yan101

Lovely. Sounds about what im trying to do albeit mine is fixed for 2 years

RelievedSheff

LawAbiding wrote: »

4.89% - According to the Product Guide, I would be classed as Level 1.

That is a better rate than we got with Kensington. We ended up with 5.09% fixed for two years when hopefully my credit file should be clean as a whistle and we can remortgage with a mainstream lender and get a much better rate.

LawAbiding

RelievedSheff wrote: »

That is a better rate than we got with Kensington. We ended up with 5.09% fixed for two years when hopefully my credit file should be clean as a whistle and we can remortgage with a mainstream lender and get a much better rate.

I bet you were relived you got a mortgage and were not too bothered about the rate! I know I was

RelievedSheff

LawAbiding wrote: »

I bet you were relived you got a mortgage and were not too bothered about the rate! I know I was

Absolutely. We had found the ideal house for us. We would have been gutted to lose it so the extra £200 or so per month for two years is a small price to pay really to get the house that we wanted.

We are already three months in. The time has flown so it won't be that long before we are looking at remortgaging again

LawAbiding

25/07/2019 - Original Offer received in Post
25/07/2019 - Revised Offer received by email