Aldermore - Process

CLJ2986

AFScot said:

Thought I would join in here. We ended up with our broker suggesting Aldermore when others turned us down, due to a small deposit and some late payments on our credit files. Its our last chance really as although Kensington gave us a DIP they turned us down afterwards as our deposit came from an EU bank account. We have to be out of our rental in two months and the rental market is very poor here for family homes, so we may be out on the streets! 
DIP for Aldermore was referred and then accepted on Friday, gathering all the required documents and then hopefully a full application tomorrow. In Scotland so already have a home report and valuation on the property, hopefully that will speed things up. Quite stressful isn't it!! Last time I got a mortgage was 10 years ago and they were throwing them at people, different world now for sure.

Sounds a lot like my application, I had several missed payments and a 10% deposit. Deposit was from previous house equity though. 🤞 for you!

srh88

Our latest update:

so we appealed the decline as they said we didn’t meet affordability, on the appeal they found two debts where being included in the affordability even though they’ve been paid off.

they’ve now asked us to pay our final credit card before completion which is no problem! 

They asked for a few more documents to confirm the debts have been cleared and another months bank statements for my business.

now back to the waiting game and home fully the valuation will be instructed as soon as they’ve checked the final docs.

mandycurl

srh88 said:

Our latest update:

so we appealed the decline as they said we didn’t meet affordability, on the appeal they found two debts where being included in the affordability even though they’ve been paid off.

they’ve now asked us to pay our final credit card before completion which is no problem! 

They asked for a few more documents to confirm the debts have been cleared and another months bank statements for my business.

now back to the waiting game and home fully the valuation will be instructed as soon as they’ve checked the final docs.

That sounds really promising! I’ll keep my fingers crossed!👍🏻

mandycurl

AFScot said:

Thought I would join in here. We ended up with our broker suggesting Aldermore when others turned us down, due to a small deposit and some late payments on our credit files. Its our last chance really as although Kensington gave us a DIP they turned us down afterwards as our deposit came from an EU bank account. We have to be out of our rental in two months and the rental market is very poor here for family homes, so we may be out on the streets! 
DIP for Aldermore was referred and then accepted on Friday, gathering all the required documents and then hopefully a full application tomorrow. In Scotland so already have a home report and valuation on the property, hopefully that will speed things up. Quite stressful isn't it!! Last time I got a mortgage was 10 years ago and they were throwing them at people, different world now for sure.

Really stressful!🙈 last time I got a mortgage it was 5% vendor gifted back 18 years ago!🤣 I don’t remember this level of stress.
Best of luck!👍🏻

JMcc123

srh88 said:

Our latest update:

so we appealed the decline as they said we didn’t meet affordability, on the appeal they found two debts where being included in the affordability even though they’ve been paid off.

they’ve now asked us to pay our final credit card before completion which is no problem! 

They asked for a few more documents to confirm the debts have been cleared and another months bank statements for my business.

now back to the waiting game and home fully the valuation will be instructed as soon as they’ve checked the final docs.

this is good! And well spotted with the old debts! 
I have had to agree that any outstanding debts are paid off prior to completion too, mine was around £1,400, completion should be next month and it will definitely all be paid by then  
Fingers crossed it's all smooth sailing now x

Reddington85

Out of interest @JMcc123 - are they asking all debts to be paid off or selective ones? We've said we can pay all but one of ours off but they payments are so low they won't impact affordability at all so I'd rather not pay them (unless of course I have to)
I remember when I bought this house my solicitor didn't even check!

JMcc123

@CLJ2986 any update on a second viewing?

I've just chased my Solicitors and vendors solicitors have responded to the enquiries, they're just being looked over then we should be able to start looking at a completion date! 

CLJ2986

What is it with people not responding to emails?! Would it be super irritating of me to call one of the solicitor assistant people for an update? I know there's been a bank holiday but jeez I sent that email last week 😳 I double checked the conditions on my offer, they just want confirmation that my deposit came from equity from the solicitor. Lord knows why I sent them the proof 🤣

JMcc123

Reddington85 said:

Out of interest @JMcc123 - are they asking all debts to be paid off or selective ones? We've said we can pay all but one of ours off but they payments are so low they won't impact affordability at all so I'd rather not pay them (unless of course I have to)
I remember when I bought this house my solicitor didn't even check!

On my actual mortgage offer they've put a list of debts that need to be paid before completion, it's literally everything, there's nothing outstanding that wasn't listed I assume it's part of the affordability, but as soon as completion is done I'll need to nip into it to get some new bits for the house anyway. it also says my solicitor will receive a declaration that it will all be paid pre-completion for me to sign and return, but I've not had that yet.

CLJ2986

JMcc123 said:

@CLJ2986 any update on a second viewing?

I've just chased my Solicitors and vendors solicitors have responded to the enquiries, they're just being looked over then we should be able to start looking at a completion date! 

An no, nothing on 2nd viewing. Emailing estate agents again now haha