Aldermore Timescale/process

Liloz

Hi,
Currently in process of buying new house. Have used a mortgage advisor due to bad credit history which is why I am with Aldermore. I am just wanting to know what people’s experience has been with timescales? How the whole process goes through/different stages etc?

All possible documents were sent over with application with advisor including bank statements, pay slips etc so I don’t think there’ll be any other extra documentation requested?

AIP - 7/8/19
Full application- 16/8/19
Requested direct debit mandate - 16/8/19


Thanks in advance!

ACG

Dont hold me to this, but I would expect you to have an update by the weekend/monday at the latest - although we have not used them for 6 months.

Liloz

That’s great thank you, do you know roughly what there process is after full application has gone in? As i’m not really sure what to expect, thanks again

RelievedSheff

If they are happy with your submission and have no extra document requests then they will authorise the valuation.

LawAbiding

Here's my recent timescale with Aldermore:

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

For more detail see:

https://forums.moneysavingexpert.com/discussion/6028626

Liloz

Thank you for that! How did you know when your valuation was instructed?

LawAbiding

My broker told me and then my vendor confirmed it had been booked

Klcomfort

Hi Liloz,

Here is our timeline with Aldermore: this might give you peace of mind, they aren’t the quickest at reading notes.

AIP 23/07/19
Full application 24/07/2019
Documents required 26/07/19
Valuation took place. No issues 30/07/19
Mortgage offer 16/08/19

Aldermore came back twice just to confirm a few things before we got the offer. I put this down to our mortgage broker leaving halfway through our application and things were not sent across, I.e proof of savings. We also had no idea about the valuation until I called and chased with MA.

All in all pretty straightforward application, but I was thinking the worst as days passed by and I wasn’t getting any news.

Sending you luck and I hope you hear something soon!

Hannah13409

Hi just wondering if you got any further forward ?

Liloz

Hi!

It’s turning out to be a very long process for us, our mortgage advisor chased and they’ve requested an employee reference this morning which will take roughly 10 working days from our end.

Mortgage advisor has said everything else seems fine and valuation has been instructed but still no date yet as they are probably waiting for this new information.

We are quite annoyed as if our advisor had originally asked for this it would have been sent by now- have had a few hiccups with our mortgage advisor not passing on information which I think has hindered the process a bit.

Will post more updates as and when I hear anything ☺️

ACG

To be fair to the broker, unless there is something quirky about the employment he/she would not have known the reference would have been needed. If there is something quirky, he could have checked.

Short time in a job for example we would run it by our account manager.