Aldermore - Process

rainbow_791

Sorry for all the questions but can anyone remember with Aldermore when a hard credit check was done? Our broker submitted our application two weeks ago but we have had no hard check done yet

CLJ2986

rainbow_791 said:

Sorry for all the questions but can anyone remember with Aldermore when a hard credit check was done? Our broker submitted our application two weeks ago but we have had no hard check done yet

Mine was done on the day of application both times, have you checked your experian report?.that's where mine was. And with the conveyancing side, I instructed our solicitor and searches were completed while we waited for our offer. We got it over 4 weeks ago and still waiting for some paperwork. But it's a risk as obviously if the worst happens you'll lose some cash, but it was a risk we decided to take to try and speed it up. 

Reddington85

rainbow_791 said:

Sorry for all the questions but can anyone remember with Aldermore when a hard credit check was done? Our broker submitted our application two weeks ago but we have had no hard check done yet

The first or second day of the application, depending the time the broker submits I guess.  Same experience as CLJ, Aldermore use Experian so it only showed up on there initially. There was an enquiry then a 1st Mortgage Search tag the next day with hard search label on it.  Appeared on the other credit check sites after we received the offer! 

AFScot

For the credit check we had a hard search on Transunion (credit karma) for the DIP and then Experian the day the application was sent in.
I think we are also going to tell our solicitor to start the searches and write off the money if the loan isn't approved. We're out of our rental on 16th July so really running the risk of having nowhere to live!

CLJ2986

AFScot said:

For the credit check we had a hard search on Transunion (credit karma) for the DIP and then Experian the day the application was sent in.
I think we are also going to tell our solicitor to start the searches and write off the money if the loan isn't approved. We're out of our rental on 16th July so really running the risk of having nowhere to live!

Then it sounds like a risk worth taking for you cause some of the conveyancing stuff is taking a while! Once you get your offer I'd be straight in touch with the estate agent and explain the rental situation, mine didn't know we had to give notice and is now chasing both my solicitor and my vendors to get it done. 

CLJ2986

Starting to feel the pressure now, only 5 working days til I need to hand in my rental notice. Debating a call to solicitor first thing tomorrow or waiting til Tuesday am to give them tomorrow to do some work on it... my signed contracts should be with them in the morning. I'm starting to doubt we will make the 14th for exchange! 

JamesC3

CLJ2986 said:

Starting to feel the pressure now, only 5 working days til I need to hand in my rental notice. Debating a call to solicitor first thing tomorrow or waiting til Tuesday am to give them tomorrow to do some work on it... my signed contracts should be with them in the morning. I'm starting to doubt we will make the 14th for exchange! 

I know how you feel. We are also renting. All seemed to be going well:
Mortgage was “ready to offer”. Then they asked a question about a Management Fee on the place we are buying. Answered that on the 28th May and was then told they will look at the reply on 11th June. A full 2 weeks after.

So we (4 of us) will be looking at staying a friends until it - hopefully - gets completed. 

CLJ2986

JamesC3 said:

CLJ2986 said:

Starting to feel the pressure now, only 5 working days til I need to hand in my rental notice. Debating a call to solicitor first thing tomorrow or waiting til Tuesday am to give them tomorrow to do some work on it... my signed contracts should be with them in the morning. I'm starting to doubt we will make the 14th for exchange! 

I know how you feel. We are also renting. All seemed to be going well:
Mortgage was “ready to offer”. Then they asked a question about a Management Fee on the place we are buying. Answered that on the 28th May and was then told they will look at the reply on 11th June. A full 2 weeks after.

So we (4 of us) will be looking at staying a friends until it - hopefully - gets completed. 

That's my fear, if something delays us we have nowhere to go after the 14th July if we hand in our notice.... so its just a waiting game. Really don't want to pay another month's rent! 

rainbow_791

We have heard back from our broker this morning and Aldermore have suggested a £3k loan to be paid off so that we will meet their affordabilty criteria. We are going to pay this off today and get proof back to our broker but he has said it will be another week before we hear back from Aldermore. Then if everything is ok they will be looking at booking the valuation. Fingers crossed, the wait is so hard!!

Reddington85

rainbow_791 said:

We have heard back from our broker this morning and Aldermore have suggested a £3k loan to be paid off so that we will meet their affordabilty criteria. We are going to pay this off today and get proof back to our broker but he has said it will be another week before we hear back from Aldermore. Then if everything is ok they will be looking at booking the valuation. Fingers crossed, the wait is so hard!!

Good luck, that sounds really positive though. They could have said no outright but it looks like they  have looked at your file and do want to see if they can lend to you.