Aldermore - Process

Sarah1993

K_S said:

@sarah1993 I'm not saying your broker is wrong (as there might be context that your post doesn't cover or you aren't aware of), but ordinarily they are happy with online statements or broker-certified copies of paper statements.

Ahh thanks. Any idea how long the underwriting process takes?

We were declined a mortage from the first lender cause we were EU presettled status holders. Now the EA is asking for a mortgage updates every other day.

K_S

Sarah1993 said:

K_S said:

@sarah1993 I'm not saying your broker is wrong (as there might be context that your post doesn't cover or you aren't aware of), but ordinarily they are happy with online statements or broker-certified copies of paper statements.

Ahh thanks. Any idea how long the underwriting process takes?

We were declined a mortage from the first lender cause we were EU presettled status holders. Now the EA is asking for a mortgage updates every other day.

@sarah1993 Well they're not the best with regard to speed unfortunately. Even for cases that are well packaged and strong, the underwriters can often be picky and raise multiple queries, which then causes the case to go back in a queue which can take 5-7 working days (though this is rapidly getting better post the stamp duty holiday) to get picked up.

Out of professional interest, can I ask which lender declined for pre-settled status? After some confusion early in the year, most now treat ILR/pre-settled/settled the same.

Sarah1993

K_S said:

Sarah1993 said:

K_S said:

@sarah1993 I'm not saying your broker is wrong (as there might be context that your post doesn't cover or you aren't aware of), but ordinarily they are happy with online statements or broker-certified copies of paper statements.

Ahh thanks. Any idea how long the underwriting process takes?

We were declined a mortage from the first lender cause we were EU presettled status holders. Now the EA is asking for a mortgage updates every other day.

@sarah1993 Well they're not the best with regard to speed unfortunately. Even for cases that are well packaged and strong, the underwriters can often be picky and raise multiple queries, which then causes the case to go back in a queue which can take 5-7 working days (though this is rapidly getting better post the stamp duty holiday) to get picked up.

Out of professional interest, can I ask which lender declined for pre-settled status? After some confusion early in the year, most now treat ILR/pre-settled/settled the same.

We were looking at the nationwide help hand mortgage. We had everything approved. Even the underwriters gave the green light for the amount but at the last moment they said we would need a 25% deposit and only then the mortgage would be approved. 

It was a bit unfortunate as we clearly mentioned to the nationwide broker that  I was presettled status holder and yet We were put foward for the mortgage.

teekay_tk

Hi all been quietly following here, just got our offer today. 
Process started in May , MA collecting a lot of details.
Application may 27th of May
More documents required 10 of June
Valuation booked on 22 June for 2nd of July
Valuation delayed to 7th
Offer received on 13th

So nearly 7 weeks

Lauratemps

This is all so infuriating! We submitted further documents for the third or fourth time and now are hoping for an answer before next Tuesday! It’s been a long old process as application was submitted first week of June! We have police savings accounts which seem to be confusing them and also make things slow as there is no online banking! 

Really hoping we get the green light for a valuation next week…

Sarah1993

teekay_tk said:

Hi all been quietly following here, just got our offer today. 
Process started in May , MA collecting a lot of details.
Application may 27th of May
More documents required 10 of June
Valuation booked on 22 June for 2nd of July
Valuation delayed to 7th
Offer received on 13th

So nearly 7 weeks

Wow, that's a long time. Can I ask what documents did you have to resubmit?

Our MA has collected a lot of documents from us, but I am still a nervous wreck as the seller wants us to complete latest by mid September.

Fifit

I’ve been watching this thread for sometime and like many of you of have been, I was  worried that I would be rejected for a mortgage… but we have received our mortgage offer today!! 

Application was submitted on 21st May, a query on a payslip about a week in and then sent to valuation, which seemed to take forever! The waiting times between each interaction seem to go on and on but it all seems worth it in the end! 

teekay_tk

Sarah1993 said:

teekay_tk said:

Hi all been quietly following here, just got our offer today. 
Process started in May , MA collecting a lot of details.
Application may 27th of May
More documents required 10 of June
Valuation booked on 22 June for 2nd of July
Valuation delayed to 7th
Offer received on 13th

So nearly 7 weeks

Wow, that's a long time. Can I ask what documents did you have to resubmit?

Our MA has collected a lot of documents from us, but I am still a nervous wreck as the seller wants us to complete latest by mid September.

We had to submit some missing bank statements, also had to do the usual Covid earnings impact form . They also asked about some (unusually large) outgoings. Every time they ask a question it delays by 7 days as that is the current cycle time for them. another one week delay was due to the survey. They never told us why it was rescheduled

Sarah1993

Hi,

Has anyone with presettled status has a successful application with Aldermore recently ?

Thanks 

K_S

Sarah1993 said:

Hi,

Has anyone with presettled status has a successful application with Aldermore recently ?

Thanks 

@sarah1993 Aldermore are fine with pre-settled status. Not sure if they have updated their published criteria yet.