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Aldermore - Process
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Oh gosh, I think your broker needs a new assistant!CLJ2986 said: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 🤷♂️
At least it's one quick letter and you've got all the information to hand. Will you not have childcare when you return to work? I guess that's what they're double checking if you don't x0 -
Lol yep! And no we plan not to, we're planning to work around each other and my parents will help. That's not to say it will work mind you that's just the plan. Fingers crossed lol. But yet again my 3 emails have gone unanswered!
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Sounds like you should be good from here on then! My understanding is once valuation is set it’s one final senior underwriter looks at it before offer!CLJ2986 said:Lol yep! And no we plan not to, we're planning to work around each other and my parents will help. That's not to say it will work mind you that's just the plan. Fingers crossed lol. But yet again my 3 emails have gone unanswered!Sadly nothing for us today, MA has spoken to them and they’re looking at ours tomorrow so fingers crossed we hear something good! My nerves are shot now so I hope so 🤣0 -
High rates are one thing but have you looked at how much you actually pay off your home in the first 5 years? It’s frightening but it’s got to be done!JMcc123 said:
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!srh88 said:
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!JMcc123 said:
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 Septembersrh88 said:
I've £1500 outstanding on a credit card! hope they don't ask me to do this too!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
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 🤣
It's a very expensive journey isn't it!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!
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!After that it’s much more beneficial though! And who cares it’s your home! That’s all we all want!We’re the same we’ve told people and now thinking what if it doesn’t happen 😐1 -
Yeah I looked into this, to get us to 85% ltv to remortgage for a better rate at the end of our 2 year fixed I need to overpay by at least 2k across the 2 years. That's assuming an 5k increase in value. But hey ho, it'll be our home and we can finally paint a wall! Inreally hope you're right about the underwriting!!srh88 said:
High rates are one thing but have you looked at how much you actually pay off your home in the first 5 years? It’s frightening but it’s got to be done!JMcc123 said:
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!srh88 said:
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!JMcc123 said:
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 Septembersrh88 said:
I've £1500 outstanding on a credit card! hope they don't ask me to do this too!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
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 🤣
It's a very expensive journey isn't it!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!
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!After that it’s much more beneficial though! And who cares it’s your home! That’s all we all want!We’re the same we’ve told people and now thinking what if it doesn’t happen 😐0 -
Ah, ours is going to be a 5 year fixed they wouldn’t give us the DIP for what we needed on a 2 year for some reasonCLJ2986 said:
Yeah I looked into this, to get us to 85% ltv to remortgage for a better rate at the end of our 2 year fixed I need to overpay by at least 2k across the 2 years. That's assuming an 5k increase in value. But hey ho, it'll be our home and we can finally paint a wall! Inreally hope you're right about the underwriting!!srh88 said:
High rates are one thing but have you looked at how much you actually pay off your home in the first 5 years? It’s frightening but it’s got to be done!JMcc123 said:
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!srh88 said:
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!JMcc123 said:
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 Septembersrh88 said:
I've £1500 outstanding on a credit card! hope they don't ask me to do this too!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
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 🤣
It's a very expensive journey isn't it!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!
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!After that it’s much more beneficial though! And who cares it’s your home! That’s all we all want!We’re the same we’ve told people and now thinking what if it doesn’t happen 😐
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Oh did they give a reason? To be honest by the time we got a dip with aldermore I'd have taken anything, we went from all.ok to not being able to get a high street dip within a day it was awful! This is our 2nd broker as the first was just like yeah I can't get you a mortgage.srh88 said:
Ah, ours is going to be a 5 year fixed they wouldn’t give us the DIP for what we needed on a 2 year for some reasonCLJ2986 said:
Yeah I looked into this, to get us to 85% ltv to remortgage for a better rate at the end of our 2 year fixed I need to overpay by at least 2k across the 2 years. That's assuming an 5k increase in value. But hey ho, it'll be our home and we can finally paint a wall! Inreally hope you're right about the underwriting!!srh88 said:
High rates are one thing but have you looked at how much you actually pay off your home in the first 5 years? It’s frightening but it’s got to be done!JMcc123 said:
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!srh88 said:
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!JMcc123 said:
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 Septembersrh88 said:
I've £1500 outstanding on a credit card! hope they don't ask me to do this too!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
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 🤣
It's a very expensive journey isn't it!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!
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!After that it’s much more beneficial though! And who cares it’s your home! That’s all we all want!We’re the same we’ve told people and now thinking what if it doesn’t happen 😐0 -
Yeah well that’s kind of where we are just happy with anything
this is the first lender we’ve tried and was recommend by the MA based on our circumstances so hopefully the right choice!The 2/5 year was about affordability for some reason they would lend us 25k less on a 2 year! Really not sure how it makes a difference but obviously does somewhere0 -
That's so good! If I'd have moved home sooner I'd have definitely used my mum a lot more than I've been able to! My sons dad moved out of the area not long after we split, so we have his dad an hour east and my family all an hour west.. then just us two stuck in the middle for now!CLJ2986 said:Lol yep! And no we plan not to, we're planning to work around each other and my parents will help. That's not to say it will work mind you that's just the plan. Fingers crossed lol. But yet again my 3 emails have gone unanswered!
Emails to the assistant? x0 -
Interesting, I'm on fixed 2 year, but my broker plans to call me 3 months before it ends and thinks I'll be fine with a high street lender by then, and i don't plan on overpaying!srh88 said:Yeah well that’s kind of where we are just happy with anything
this is the first lender we’ve tried and was recommend by the MA based on our circumstances so hopefully the right choice!The 2/5 year was about affordability for some reason they would lend us 25k less on a 2 year! Really not sure how it makes a difference but obviously does somewhere
Again, i wonder if it's because the childcare element is removed. I was paying a company called Lowell for OLD debts, like 8 years old, so they don't show on the credit report, but because they were on my bank statements that's why I've had to go with an Adverse Lender, it's all paid off now, but showing on the bank statements makes a huge difference! My broker tried with TSB first and they said they'd lend to me with a 15% deposit, but I'm not in a position to add to my desposit!0
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