Aldermore - Process

Wes121708

CLJ2986 said:

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! 

@CLJ2986. I have put on the mortgage broker ask me anything thread and k_s has been helpful.  Good luck with your new home!

CLJ2986

Thank you! 

@JMcc123 @Brucema07 how long do your offers have? Mine is only 2 months! I thought it was 6 😳

CLJ2986

Correction its for 3 months 🤣 I can't count clearly!

JMcc123

CLJ2986 said:

Correction its for 3 months 🤣 I can't count clearly!

🤣🤣 3 months.
It's dates 31st March, but offer expires 29th June, so I guess that will work out st 12 weeks 🤷‍♀️ x

mandycurl

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.

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

@ihaveaquestionplease

I wouldn’t worry about any wage issues. I had the same query over a advance that was not documented on a wage slip. I emailed the broker back explaining and it was fine. I think as long as you can justify the reasoning.

I can’t wait to not scour the forum, I can have my evenings back!🤪🤪

mandycurl

So we bit the bullet and started the ball rolling with solicitors!!🙈🙈 We have definitely taken a leap of faith!🤣🤣

CLJ2986

mandycurl said:

So we bit the bullet and started the ball rolling with solicitors!!🙈🙈 We have definitely taken a leap of faith!🤣🤣

I did the same except the solicitors were instructed right at the beginning. We want to move ASAP so I weighed up the risk of it not going through vs what we would have to pay and decided it was worth it. I proposed a rather optimistic completion date to my solicitor yesterday but I think she will come back and say its unlikely. Fairly sure it will be July!

JamesC3

Hi All,
Thanks for the posts on this thread. I too am awaiting a decision from Aldermore.
I have been told it is being assessed. The DIP was agreed/passed 10 days ago or so.

I can see from my Experian report that Aldermore have run three checks. An ID one, A Mortgage quotation one and a First Mortgage one.

These were all searched/run on 22nd April. How long after your searches were run did you receive news whether you have been accepted for a mortgage or not?

Thanks
James 

CLJ2986

JamesC3 said:

Hi All,
Thanks for the posts on this thread. I too am awaiting a decision from Aldermore.
I have been told it is being assessed. The DIP was agreed/passed 10 days ago or so.

I can see from my Experian report that Aldermore have run three checks. An ID one, A Mortgage quotation one and a First Mortgage one.

These were all searched/run on 22nd April. How long after your searches were run did you receive news whether you have been accepted for a mortgage or not?

Thanks
James 

My searches were done April 1st after our 2nd application and the offer was issued on 28th April. Obviously the easter Bank Holiday fell in there as well. I'm on maternity leave so they asked for quite a few extra documents too.

ihaveaquestionplease

JamesC3 said:

Hi All,
Thanks for the posts on this thread. I too am awaiting a decision from Aldermore.
I have been told it is being assessed. The DIP was agreed/passed 10 days ago or so.

I can see from my Experian report that Aldermore have run three checks. An ID one, A Mortgage quotation one and a First Mortgage one.

These were all searched/run on 22nd April. How long after your searches were run did you receive news whether you have been accepted for a mortgage or not?

Thanks
James 

Hi James. My searches (although duplicated!) were done on April 22nd too. My broker said it’s likely to be about 15 days before a decision but I guess that depends if they have questions or need more docs etc 

Will post on here any developments or updates as will be interesting re timelines from that date.