Aldermore - Process

JMcc123

ihaveaquestionplease said:

JMcc123 said:

ihaveaquestionplease said:

My application went in with Aldermore just over a week ago.

My credit situation apparently 'isn't that bad' -  one default on a utilities account back in 2018. Obviously enough to need to use Aldermore so I am grateful there are lenders out there for people not in the best position.

I've said on here I am nervous about my affordability, and here is why..

I earn a good wage - I had a pay increase in January but due to admin errors, some of the pay changes didn't go through until April and were backdated. I have my contract and a letter that states my actual earnings and that it would be backdated to Janaury etc.
- this has made my 3 months payslips look 'wrong' and it look like I don't earn what my contract says I do

I pay school fees every month for my daughter but my ex pays half towards this every month. We are separated but have no court order in place so his money every month can't be taken into account as maintenance - even though I the deposits show on my bank statements every month of exactly half of the amount for school fees.
- because of this, the whole amount of school fees have been taken into account in my affordability as an ongoing payment.

Like many on here I've scoured the Aldermore intermediary website (and still do daily haha) I used the calculator and the results didn't match what I needed - my broker obviously still managed to get the DiP accepted and its now with the underwriters - so this also makes me nervous that he hasn't done something right..

This is so stressful and like you @mandycurl I have literally reading every reply on here, loads of other threads and anything else in the vain hope that something gives me a positive sign haha! Its' driving me craaaaazzzzyyyy.

I will continue to follow all you guys and have everything crossed for you all xx

Hi,

I'm hoping I can put your mind at ase a little bit!

i got a salary increase with effect from 01/04/21 (which happens to be the day I got my offer ), I got a letter confirming it during my application so sent it over the Broker, so my wage slips didn't match the pay I will be on.

I'm also a single parent with £700 p/m nursery fees for my son. I claim Universal Credit for support, but I believe this isn't taken into account, my sons father also provides me with half of the nursery fees, and the same as you, because it is not court ordered, it is not taken into account. The nursery fees alone take almost half my salary. I did explain to my broker that when we move the nursery fees wont be there (he starts school in September, and we're moving close to family who can support before then), so I'm not sure if this was taken into account or not.

I've had to agree to pay off any outstanding debts before completion (was approx £1,400), but apart from that there have been no other additional terms put into place or anything like that. Are you a single applicant?

i wish you the best of luck! Your circumstances sound similar to mine, so there's definitely hope! x

Thanks so much for this, it certainly does give me some comfort It's so frustrating knowing that everything does add up fine and I have more than enough to cover what I need - but because the timing of my payslips and no court order etc makes it looked all jumbled. I just hope they take the time to work through it and that my broker has the chance to pass on all of my comments and notes before they just say no..! x

I clocked today that two hard searches from Aldermore are showing on my Experian report (well 6 searches in total but only 2 hard)
All 6 on the day my full application was submitted - so looks like an error but I need to check how I get them to remove one. Not a great help to my credit file!

I 100% know this feeling!! My rent where I am now is £300p/m higher than my mortgage payments will be as well, so definitely felt it was affordable, but I guess as a single applicant there's the risk of me losing my job and having other debts outstanding etc etc.

Yeah you definitely need to look into that, I'm sure there's a section where you can say if something doesn't look right? x

CLJ2986

I've had 2 from them due to having to apply twice... my credit score went up 🤣 I know the score is meaningless lol I didn't think to see if they could remove one of them but since it's the same company I'm hoping it doesn't really have much impact. Just can't wait now, wish we had any idea of our moving date! 

JMcc123

CLJ2986 said:

I've had 2 from them due to having to apply twice... my credit score went up 🤣 I know the score is meaningless lol I didn't think to see if they could remove one of them but since it's the same company I'm hoping it doesn't really have much impact. Just can't wait now, wish we had any idea of our moving date! 

Did it really? Mine went down by about 40 points when they did the searches! I only have the generic experian now, so waiting for it to update in a few days, I do wonder if it'll increase quite a bit now I've paid a chunk of debts off! But it'll take a hit upon completion, 100% worth it though! 

Did you hear back about a second viewing? x

CLJ2986

JMcc123 said:

CLJ2986 said:

I've had 2 from them due to having to apply twice... my credit score went up 🤣 I know the score is meaningless lol I didn't think to see if they could remove one of them but since it's the same company I'm hoping it doesn't really have much impact. Just can't wait now, wish we had any idea of our moving date! 

Did it really? Mine went down by about 40 points when they did the searches! I only have the generic experian now, so waiting for it to update in a few days, I do wonder if it'll increase quite a bit now I've paid a chunk of debts off! But it'll take a hit upon completion, 100% worth it though! 

Did you hear back about a second viewing? x

No not yet. Haven't heard back from solicitors about rental notice dates either. Guessing it'll be next week now with the bank holiday. But at least I can breathe easier knowing there's a mortgage offer! Yeah I've cancelled my full experian membership now too. Only got it for the mortgage 🤣

JMcc123

CLJ2986 said:

JMcc123 said:

CLJ2986 said:

I've had 2 from them due to having to apply twice... my credit score went up 🤣 I know the score is meaningless lol I didn't think to see if they could remove one of them but since it's the same company I'm hoping it doesn't really have much impact. Just can't wait now, wish we had any idea of our moving date! 

Did it really? Mine went down by about 40 points when they did the searches! I only have the generic experian now, so waiting for it to update in a few days, I do wonder if it'll increase quite a bit now I've paid a chunk of debts off! But it'll take a hit upon completion, 100% worth it though! 

Did you hear back about a second viewing? x

No not yet. Haven't heard back from solicitors about rental notice dates either. Guessing it'll be next week now with the bank holiday. But at least I can breathe easier knowing there's a mortgage offer! Yeah I've cancelled my full experian membership now too. Only got it for the mortgage 🤣

Haha same, so glad I didn't actually have to pay the £15 p/m :') 

Yeah, worth the wait though! Bet your daughter can't wait! My little one is SO excited, we've got a fun filled weekend but all he keeps talking about is seeing the new house :l:lol: Super cute! 

Reddington85

So I logged into my Experian account today and I've seen a soft search for my DIP but a hard search on the 19th April so they have done the hard search (2 days after the application) but it's been radio silence until yesterday and the valuation and additional requests today.

For some reason it hasn't shown on other credit files (I don't know if its because Aldermore use Experian)

Wes121708

Might not be much help but we submitted our application on Tuesday through our broker and already come back today..... declined! 😫
We literally gave them everything they needed and covered every possible query with our broker before they submitted it. 

CLJ2986

Wes121708 said:

Might not be much help but we submitted our application on Tuesday through our broker and already come back today..... declined! 😫
We literally gave them everything they needed and covered every possible query with our broker before they submitted it. 

Sorry to hear that. Did they give you a reason why? 

Wes121708

CLJ2986 said:

Wes121708 said:

Might not be much help but we submitted our application on Tuesday through our broker and already come back today..... declined! 😫
We literally gave them everything they needed and covered every possible query with our broker before they submitted it. 

Sorry to hear that. Did they give you a reason why? 

Our debt to income was too high for the LTV that we wanted. We need a 90%, no way we could do anymore but now debating on reducing our debt using our savings and seeing if we could go for a 95% elsewhere. On the positive side it was a quick no! Lol

CLJ2986

Wes121708 said:

CLJ2986 said:

Wes121708 said:

Might not be much help but we submitted our application on Tuesday through our broker and already come back today..... declined! 😫
We literally gave them everything they needed and covered every possible query with our broker before they submitted it. 

Sorry to hear that. Did they give you a reason why? 

Our debt to income was too high for the LTV that we wanted. We need a 90%, no way we could do anymore but now debating on reducing our debt using our savings and seeing if we could go for a 95% elsewhere. On the positive side it was a quick no! Lol

Yeah I've heard several times aldermore tend to underwrite before they do valuation etc still sorry to hear that! My worry was they would find us too high risk for the 90% ltv. I say us, I mean me lol the other half is pretty squeaky clean on the credit front but I got into a pickle two years ago when I suddenly went to a single income 🤣 good luck elsewhere. I'm sure they won't mind the recommendation but ks on here is a broker and when I thought our application had been declined I sent them a message, was super helpful. Might be worth a try if you run into a dead end. No idea what the terms are with their fees though sorry!