Aldermore mortgages

Jane._Worried

Hi, I know this has asked before but I just need some reassurance I guess!
I got a DIP from Aldermore for a mortgage 13/08/19 put offer in for property which was refused, went on holiday and on our return decided to up our offer which was accepted 😀

MA put in for full application on 27/08/19
Told today that lender has assessed the case and all ok but needed to send some more pay slips which have now been emailed to them.
DD mandate signed, declaration signed.
Valuation fee paid.

Asking for £105000 mortgage on property which we are paying £227500 so got a big deposit and earn more than enough to cover mortgage payments.
Problem is we have really poor credit rating!
Personal situations and stupidity!,
A ccj which has been paid (£600) late payments on bills and the evil of all evils.... payday loans!

We have been good for the last 6 months and my MA is aware of everything so now it’s gone to underwriting, MA seems confident as we fit the criteria for Aldermore and we should hear something next week.

So basically I’m nervous as hell!
Has anyone been in my position with Aldermore and how did it end?

Thanks in advance for any info.

amnblog

The credit ‘rating’ is not a concern to Aldermore. Further, you are past the stage where they consider your credit history.

Generally, if the Broker has done their job correctly and the property values OK, Aldermore cases will go through.

Don’t expect a ‘swift’ service.

Jane._Worried

Thank you for replying.
Full application went in Tuesday and got they got back to advisor today ( he’s been great )
to say it was going to underwriters so ��

LawAbiding

You'll be fine Jane, just be prepared to wait a week or two for a decision

redman1989

I had my offer with Aldermore back in May started it in March. Looking to complete next week & they extended my offer with easy aswell.

dont worry about it!

Jane._Worried

Hope so lawAbiding.
They told MA 4 working days but I’m not holding my breath! Although we got DIP same day and it wasn’t referred (which I was surprised) and when full application went in Tuesday they got back to MA yesterday to say all ok and gone to underwriters.
MA has asked them not to instruct survey until they are completely satisfied with case (at my request)
My MA has been great, he’s used to dealing with adverse credit and has a direct contact at Aldermore, don’t know if this helps with timescales though.

Jane._Worried

Thanks redman that’s reassuring.
Been in rented for 8 years but always owned (mortgaged) before that, not getting any younger and don’t want to rent for the rest of my life so here’s hoping!

Jane._Worried

amnblog wrote: »

The credit ‘rating’ is not a concern to Aldermore. Further, you are past the stage where they consider your credit history.

Generally, if the Broker has done their job correctly and the property values OK, Aldermore cases will go through.

Don’t expect a ‘swift’ service.

What do mean by past the stage where they consider credit history?

LawAbiding

How can the underwriters make a decision without a survey? I assume you paid for the survey for Aldermore to do? which is usually just a mortage valuation....

Jane._Worried

LawAbiding wrote: »

How can the underwriters make a decision without a survey? I assume you paid for the survey for Aldermore to do? which is usually just a mortage valuation....

Yes I’ve paid for survey but my MA has asked them to confirm they will approve the mortgage subject to survey.
I’ll be honest I don’t understand the underwriters process even though it’s been explained.
I’m just in panic mode.

LawAbiding

Ok if thats what your MA said, then great, nothing to worry about. It's good your MA has been able to do that.

I had to fort out £480 for the Aldermore valuation with no answer on whether I would get offer or not, dreaded loosing that money.

But it all worked out anyway!