Aldermore - Process

srh88

CLJ2986 said:

srh88 said:

Question, when did aldermore do a hard credit check for you?

They did one for us when we got our first DIP 3 months ago because it went to the underwriter but that DIP expired 

not had one since for the latest DIP or application so far so not sure if they have a timeframe where they use the old one or if they haven't got to it yet for us

They did mine the day of our application. Have you paid the valuation fee yet? 

Yep all paid up, I’m wondering if they can use the previous one they did in feb

Hopefully hear something positive today! 

JMcc123

CLJ2986 said:

Ah thats maybe true, thanks. I might sleep better now haha. I believe They've disregarded a chunk of our income as its on payslips as bonuses, even though I get the same amount give or take a quid, every month for the past 7 years! Crazy all this mortgage business 😳 

Yeah, I think a big part of it is probably that if a single person loses their job, they will have a mortgage to pay and with debts as well that's how it could spiral, I get it. But the chances of a couple losing all their income is much lower.
Oh really? Is that commission or something? It' crazy all the things that they take into account, you're right! So many things I never thought of! x

JMcc123

srh88 said:

JMcc123 said:

No, I'm on there constantly pre planning and changing my mind on where I want things to go 🤣 I've even screenshot the floor plans and drawn on where I want certain things 🤣🙈

Valuation was done Thursday 25th, returned back as good Monday 29th, offer recieved Thursday 1st, but someone on here got their offer the day after the valuation was done, so i guess it depends how quickly the surveyors get back to Aldermore and if there's any bits of underwriting needed! Fingers crossed though 🤞 i think my valuation to offer was quite slow, but they'd added terms into mine that my whopping debt of £1,400 needed to be paid in full before completion 🤣🙈 if it was £14,000 and my mortgage payments weren't going to ve £300 less a month than I'm paying here i could understand that part a bit more! But hey ho, be nice moving into our new home with a totally clean slate x

I've £1500 outstanding on a credit card! hope they don't ask me to do this too!

already costing enough as it is 🙈

Sent the extra wage slips not showing sick pay for my wife today so hopefully have an update tomorrow! though I'm not hopeful of anything anymore 🤣

i think it's mainly because I'm a single applicant, so if I was to lose my income it would be difficult for me to pay debts and a mortgage. Plus my childcare at the moment is around £700 p/m, so that's a HUGE outgoing, but my son wont be in childcare when we move as he starts school in September  
It's a very expensive journey isn't it! 

CLJ2986

JMcc123 said:

CLJ2986 said:

Ah thats maybe true, thanks. I might sleep better now haha. I believe They've disregarded a chunk of our income as its on payslips as bonuses, even though I get the same amount give or take a quid, every month for the past 7 years! Crazy all this mortgage business 😳 

Yeah, I think a big part of it is probably that if a single person loses their job, they will have a mortgage to pay and with debts as well that's how it could spiral, I get it. But the chances of a couple losing all their income is much lower.
Oh really? Is that commission or something? It' crazy all the things that they take into account, you're right! So many things I never thought of! x

Nope and it's written in my contract lol until I sign a new one I will always get it. But because it says bonus they won't count it. My old contract is being phased out so new people in my position have higher basic salary but no bonus. I had the option to take it but mine works out higher so  kept it. 

srh88

JMcc123 said:

srh88 said:

JMcc123 said:

No, I'm on there constantly pre planning and changing my mind on where I want things to go 🤣 I've even screenshot the floor plans and drawn on where I want certain things 🤣🙈

Valuation was done Thursday 25th, returned back as good Monday 29th, offer recieved Thursday 1st, but someone on here got their offer the day after the valuation was done, so i guess it depends how quickly the surveyors get back to Aldermore and if there's any bits of underwriting needed! Fingers crossed though 🤞 i think my valuation to offer was quite slow, but they'd added terms into mine that my whopping debt of £1,400 needed to be paid in full before completion 🤣🙈 if it was £14,000 and my mortgage payments weren't going to ve £300 less a month than I'm paying here i could understand that part a bit more! But hey ho, be nice moving into our new home with a totally clean slate x

I've £1500 outstanding on a credit card! hope they don't ask me to do this too!

already costing enough as it is 🙈

Sent the extra wage slips not showing sick pay for my wife today so hopefully have an update tomorrow! though I'm not hopeful of anything anymore 🤣

i think it's mainly because I'm a single applicant, so if I was to lose my income it would be difficult for me to pay debts and a mortgage. Plus my childcare at the moment is around £700 p/m, so that's a HUGE outgoing, but my son wont be in childcare when we move as he starts school in September  
It's a very expensive journey isn't it! 

Ah maybe that’s why then, our current rent is higher than the mortgage will be too! It’s absolutely crazy but I see why they have the strict affordability that they do! 

Thankfully childcare costs are over for us now( well I say over) just not a set monthly payment and more demands for money now they’re 8 & 12 🤣

Im even dreaming about letters of decline now so hopefully hear something today! 

JMcc123

CLJ2986 said:

JMcc123 said:

CLJ2986 said:

Ah thats maybe true, thanks. I might sleep better now haha. I believe They've disregarded a chunk of our income as its on payslips as bonuses, even though I get the same amount give or take a quid, every month for the past 7 years! Crazy all this mortgage business 😳 

Yeah, I think a big part of it is probably that if a single person loses their job, they will have a mortgage to pay and with debts as well that's how it could spiral, I get it. But the chances of a couple losing all their income is much lower.
Oh really? Is that commission or something? It' crazy all the things that they take into account, you're right! So many things I never thought of! x

Nope and it's written in my contract lol until I sign a new one I will always get it. But because it says bonus they won't count it. My old contract is being phased out so new people in my position have higher basic salary but no bonus. I had the option to take it but mine works out higher so  kept it. 

I would do the same though, did your broker do a fact find about guaranteed bonuses that can be reported? We get a small bonus each Christmas so that's been reported I think? As well as OT, but nothing is really guaranteed! x

JMcc123

srh88 said:

JMcc123 said:

srh88 said:

JMcc123 said:

No, I'm on there constantly pre planning and changing my mind on where I want things to go 🤣 I've even screenshot the floor plans and drawn on where I want certain things 🤣🙈

Valuation was done Thursday 25th, returned back as good Monday 29th, offer recieved Thursday 1st, but someone on here got their offer the day after the valuation was done, so i guess it depends how quickly the surveyors get back to Aldermore and if there's any bits of underwriting needed! Fingers crossed though 🤞 i think my valuation to offer was quite slow, but they'd added terms into mine that my whopping debt of £1,400 needed to be paid in full before completion 🤣🙈 if it was £14,000 and my mortgage payments weren't going to ve £300 less a month than I'm paying here i could understand that part a bit more! But hey ho, be nice moving into our new home with a totally clean slate x

I've £1500 outstanding on a credit card! hope they don't ask me to do this too!

already costing enough as it is 🙈

Sent the extra wage slips not showing sick pay for my wife today so hopefully have an update tomorrow! though I'm not hopeful of anything anymore 🤣

i think it's mainly because I'm a single applicant, so if I was to lose my income it would be difficult for me to pay debts and a mortgage. Plus my childcare at the moment is around £700 p/m, so that's a HUGE outgoing, but my son wont be in childcare when we move as he starts school in September  
It's a very expensive journey isn't it! 

Ah maybe that’s why then, our current rent is higher than the mortgage will be too! It’s absolutely crazy but I see why they have the strict affordability that they do! 

Thankfully childcare costs are over for us now( well I say over) just not a set monthly payment and more demands for money now they’re 8 & 12 🤣

Im even dreaming about letters of decline now so hopefully hear something today! 

Yeah even with the high rates of Aldermore my mortgage will be £300 cheaper than me rent is! Really puts in perspective how much better off you are buying!

They're so dear, I've just had a £60 per month increase at my sons nursery too I've just sent an email confirming his end date of the end of June, so I'm hoping they will increase his free hours to 30 p/w as it's only 22 if they go outside of term time! So that'll be a nice little bonus if they manage to do that!

Oh gosh, I was the same! As I'm perm WFH I had to tell my boss as soon as I am thinking about moving (reloating about an hour away, so quite a big distance from the nearest office now), so I had to tell people and I just kept waking up in a panic that people knew and i would get declined and be judged! 

CLJ2986

JMcc123 said:

srh88 said:

JMcc123 said:

srh88 said:

JMcc123 said:

No, I'm on there constantly pre planning and changing my mind on where I want things to go 🤣 I've even screenshot the floor plans and drawn on where I want certain things 🤣🙈

Valuation was done Thursday 25th, returned back as good Monday 29th, offer recieved Thursday 1st, but someone on here got their offer the day after the valuation was done, so i guess it depends how quickly the surveyors get back to Aldermore and if there's any bits of underwriting needed! Fingers crossed though 🤞 i think my valuation to offer was quite slow, but they'd added terms into mine that my whopping debt of £1,400 needed to be paid in full before completion 🤣🙈 if it was £14,000 and my mortgage payments weren't going to ve £300 less a month than I'm paying here i could understand that part a bit more! But hey ho, be nice moving into our new home with a totally clean slate x

I've £1500 outstanding on a credit card! hope they don't ask me to do this too!

already costing enough as it is 🙈

Sent the extra wage slips not showing sick pay for my wife today so hopefully have an update tomorrow! though I'm not hopeful of anything anymore 🤣

i think it's mainly because I'm a single applicant, so if I was to lose my income it would be difficult for me to pay debts and a mortgage. Plus my childcare at the moment is around £700 p/m, so that's a HUGE outgoing, but my son wont be in childcare when we move as he starts school in September  
It's a very expensive journey isn't it! 

Ah maybe that’s why then, our current rent is higher than the mortgage will be too! It’s absolutely crazy but I see why they have the strict affordability that they do! 

Thankfully childcare costs are over for us now( well I say over) just not a set monthly payment and more demands for money now they’re 8 & 12 🤣

Im even dreaming about letters of decline now so hopefully hear something today! 

Yeah even with the high rates of Aldermore my mortgage will be £300 cheaper than me rent is! Really puts in perspective how much better off you are buying!

They're so dear, I've just had a £60 per month increase at my sons nursery too I've just sent an email confirming his end date of the end of June, so I'm hoping they will increase his free hours to 30 p/w as it's only 22 if they go outside of term time! So that'll be a nice little bonus if they manage to do that!

Oh gosh, I was the same! As I'm perm WFH I had to tell my boss as soon as I am thinking about moving (reloating about an hour away, so quite a big distance from the nearest office now), so I had to tell people and I just kept waking up in a panic that people knew and i would get declined and be judged! 

I know that feeling! Although most people know we've been struggling to get a mortgage anyway lol. Aldermore have just requested another letter from me 😳 

JMcc123

CLJ2986 said:

JMcc123 said:

srh88 said:

JMcc123 said:

srh88 said:

JMcc123 said:

No, I'm on there constantly pre planning and changing my mind on where I want things to go 🤣 I've even screenshot the floor plans and drawn on where I want certain things 🤣🙈

Valuation was done Thursday 25th, returned back as good Monday 29th, offer recieved Thursday 1st, but someone on here got their offer the day after the valuation was done, so i guess it depends how quickly the surveyors get back to Aldermore and if there's any bits of underwriting needed! Fingers crossed though 🤞 i think my valuation to offer was quite slow, but they'd added terms into mine that my whopping debt of £1,400 needed to be paid in full before completion 🤣🙈 if it was £14,000 and my mortgage payments weren't going to ve £300 less a month than I'm paying here i could understand that part a bit more! But hey ho, be nice moving into our new home with a totally clean slate x

I've £1500 outstanding on a credit card! hope they don't ask me to do this too!

already costing enough as it is 🙈

Sent the extra wage slips not showing sick pay for my wife today so hopefully have an update tomorrow! though I'm not hopeful of anything anymore 🤣

i think it's mainly because I'm a single applicant, so if I was to lose my income it would be difficult for me to pay debts and a mortgage. Plus my childcare at the moment is around £700 p/m, so that's a HUGE outgoing, but my son wont be in childcare when we move as he starts school in September  
It's a very expensive journey isn't it! 

Ah maybe that’s why then, our current rent is higher than the mortgage will be too! It’s absolutely crazy but I see why they have the strict affordability that they do! 

Thankfully childcare costs are over for us now( well I say over) just not a set monthly payment and more demands for money now they’re 8 & 12 🤣

Im even dreaming about letters of decline now so hopefully hear something today! 

Yeah even with the high rates of Aldermore my mortgage will be £300 cheaper than me rent is! Really puts in perspective how much better off you are buying!

They're so dear, I've just had a £60 per month increase at my sons nursery too I've just sent an email confirming his end date of the end of June, so I'm hoping they will increase his free hours to 30 p/w as it's only 22 if they go outside of term time! So that'll be a nice little bonus if they manage to do that!

Oh gosh, I was the same! As I'm perm WFH I had to tell my boss as soon as I am thinking about moving (reloating about an hour away, so quite a big distance from the nearest office now), so I had to tell people and I just kept waking up in a panic that people knew and i would get declined and be judged! 

I know that feeling! Although most people know we've been struggling to get a mortgage anyway lol. Aldermore have just requested another letter from me 😳 

Oooo what letter? Got to be a good sign as Valuation report may be back so may be final underwriting?

CLJ2986

No, my brokers assistant said it wasn't back, in fact she told me it's tomorrow 🤦‍♂️ which I know its today as estate agents told me 🤣 they wanted me to rewrite my letter stating I won't have any childcare fees to include my return to work date and my expected hours. Despite having all that information in a letter from my actual employer 🤷‍♂️