Aldermore - Process

CLJ2986

JMcc123 said:

CLJ2986 said:

Good luck this week @JMcc123 hope you complete on time! Let us know how it goes! 

Thank you, have you heard anymore? X

Nope. Emailed both EA and solicitor. Have you exchanged yet? 

AFScot

Day 7 of 7 day sla and still no news! Starting to look at short term rentals and storage options now, as I don't think there's anyway we'll be able to buy now before the landlord moves back into our current rental home. Of course, its now coming up to the school holidays here in scotland so no airb&b type places are available!

Terry974

Been following this thread for a while now as I’m in a similar boat to others here! May be useful for some, so here’s my timeline below:

20/04 - Full Application Submitted (Hard search completed on same day)

27/04 - Further info requested from Aldermore (reason for previous loan usage, and asked to confirm that credit card balances were paid off- which I have) 

14/05 - Aldermore confirmed all documents acceptable and valuation instructed for 27/05

27/05 - Valuation delayed as surveyor off-sick! 

02/06 - Valuation completed 

08/06 - Aldermore confirmed valuation report submitted and in queue for assessment, update should be received by 18/06! 

It’s been a long process so far but I’m hoping that if all is well with the valuation, then the mortgage offer should follow (fingers crossed).

I’ll keep this post updated if it’s helpful for others! 

Good luck to everyone going through this stressful process!

CLJ2986

Terry974 said:

Been following this thread for a while now as I’m in a similar boat to others here! May be useful for some, so here’s my timeline below:

20/04 - Full Application Submitted (Hard search completed on same day)

27/04 - Further info requested from Aldermore (reason for previous loan usage, and asked to confirm that credit card balances were paid off- which I have) 

14/05 - Aldermore confirmed all documents acceptable and valuation instructed for 27/05

27/05 - Valuation delayed as surveyor off-sick! 

02/06 - Valuation completed 

08/06 - Aldermore confirmed valuation report submitted and in queue for assessment, update should be received by 18/06! 

It’s been a long process so far but I’m hoping that if all is well with the valuation, then the mortgage offer should follow (fingers crossed).

I’ll keep this post updated if it’s helpful for others! 

Good luck to everyone going through this stressful process!

I saw aldermores time has increased from 5 to 7 working days however we got our offer a week after the valuation was complete so fingers crossed it'll be quicker for you

CLJ2986

CLJ2986 said:

JMcc123 said:

CLJ2986 said:

Good luck this week @JMcc123 hope you complete on time! Let us know how it goes! 

Thank you, have you heard anymore? X

Nope. Emailed both EA and solicitor. Have you exchanged yet? 

Ooh an.update. she's asked for yet more.documents and also asked if we have a date in mind to complete! I've suggested the 9th July now. Does anyone happen to know when you have to transfer funds across? Is it deposit first and fees after or all in one go? Just curious as my daily limit is slightly lower than the total I'll need to send.

JMcc123

CLJ2986 said:

CLJ2986 said:

JMcc123 said:

CLJ2986 said:

Good luck this week @JMcc123 hope you complete on time! Let us know how it goes! 

Thank you, have you heard anymore? X

Nope. Emailed both EA and solicitor. Have you exchanged yet? 

Ooh an.update. she's asked for yet more.documents and also asked if we have a date in mind to complete! I've suggested the 9th July now. Does anyone happen to know when you have to transfer funds across? Is it deposit first and fees after or all in one go? Just curious as my daily limit is slightly lower than the total I'll need to send.

This is GREAT news!! Definitely a big step forward! 
I've transferred my deposit as soon as the contracts etc were sent over, the solicitors requested Aldermore release the funds on 18th June as soon as we agreed a date.
We're doing exchange and completion on Friday, contract states that everything should be done by 13:00. so not the worst! However, I've just received the Welcome Pack for my sons school (after chasing it), and they've booked him in for his induction session on 24th June.. which is moving day! For the first time I feel like my head may explode, as I'm not sure both are doable! 

CLJ2986

JMcc123 said:

CLJ2986 said:

CLJ2986 said:

JMcc123 said:

CLJ2986 said:

Good luck this week @JMcc123 hope you complete on time! Let us know how it goes! 

Thank you, have you heard anymore? X

Nope. Emailed both EA and solicitor. Have you exchanged yet? 

Ooh an.update. she's asked for yet more.documents and also asked if we have a date in mind to complete! I've suggested the 9th July now. Does anyone happen to know when you have to transfer funds across? Is it deposit first and fees after or all in one go? Just curious as my daily limit is slightly lower than the total I'll need to send.

This is GREAT news!! Definitely a big step forward! 
I've transferred my deposit as soon as the contracts etc were sent over, the solicitors requested Aldermore release the funds on 18th June as soon as we agreed a date.
We're doing exchange and completion on Friday, contract states that everything should be done by 13:00. so not the worst! However, I've just received the Welcome Pack for my sons school (after chasing it), and they've booked him in for his induction session on 24th June.. which is moving day! For the first time I feel like my head may explode, as I'm not sure both are doable! 

Ah no, is there someone who can take him for you? Or wait at the house with removals people while you do it? Maybe the school could rearrange if you explained it. But at least your on the home straight now! I'm wondering if we will do same day exchange and complete as there's no chain x

AFScot

Day 8 of 7 Day SLA , they came back asking for our bank statements. Which should have been uploaded on the 27th, day 1 of the application. Either they are really incompetent or our broker is really incompetent. Did anyone have this happen to them? If they are only looking at our bank statements now then that seems to imply they are only now really looking at our case. Which contradicts what my broker told me two weeks ago when she apparently had a call with her Aldermore BDM who said all the documents were in order! WFT, something is not quite right here.
Upshot is, starting to look at rental houses so we at least have a roof over our head in 4 weeks time. No confidence this mortgage is going to appear.

K_S

AFScot said:

Day 8 of 7 Day SLA , they came back asking for our bank statements. Which should have been uploaded on the 27th, day 1 of the application. Either they are really incompetent or our broker is really incompetent. Did anyone have this happen to them? If they are only looking at our bank statements now then that seems to imply they are only now really looking at our case. Which contradicts what my broker told me two weeks ago when she apparently had a call with her Aldermore BDM who said all the documents were in order! WFT, something is not quite right here.
Upshot is, starting to look at rental houses so we at least have a roof over our head in 4 weeks time. No confidence this mortgage is going to appear.

@afscot Main bank statements are not always a part of their standard day 1 packaging requirements (payslip, P60, DD mandate, signed declaration, proof of deposit from savings).

From the limited info in your post, it looks like an underwriter has been assigned to the case who has now raised a requirement for the bank statements.

AFScot

K_S said:

AFScot said:

Day 8 of 7 Day SLA , they came back asking for our bank statements. Which should have been uploaded on the 27th, day 1 of the application. Either they are really incompetent or our broker is really incompetent. Did anyone have this happen to them? If they are only looking at our bank statements now then that seems to imply they are only now really looking at our case. Which contradicts what my broker told me two weeks ago when she apparently had a call with her Aldermore BDM who said all the documents were in order! WFT, something is not quite right here.
Upshot is, starting to look at rental houses so we at least have a roof over our head in 4 weeks time. No confidence this mortgage is going to appear.

@afscot Main bank statements are not always a part of their standard day 1 packaging requirements (payslip, P60, DD mandate, signed declaration, proof of deposit from savings).

From the limited info in your post, it looks like an underwriter has been assigned to the case who has now raised a requirement for the bank statements.

Hi K_S, thanks for the context. Thats interesting as my broker asked us to wait two weeks before applying as 1 bank statement was still in the post. She also spoke to the underwriter last Monday, 7th as they asked for the proof of deposit from savings (which we had provided on the 27th May) and the underwriter didn't ask for anything else until today. I'm guessing if they don't usually ask for bank statements then they are taking particular attention to us, which is concerning.