How long does it take for an offer to come in once the property has been valued and what if anything may be needed between the valuation and offer? Just trying to gauge what sort of timescales we should expect, I know when I last checked they had a 9 day TAT, so at first guess it goes to the back of that line?
How long does it take for an offer to come in once the property has been valued and what if anything may be needed between the valuation and offer? Just trying to gauge what sort of timescales we should expect, I know when I last checked they had a 9 day TAT, so at first guess it goes to the back of that line?
@masrat1 Unless the property has been downvalued or it's a new build valuation, there are unlikely to be any further queries between valuation and offer. Timescales are around 5-7 days. It's basically just someone at Aldermore needing to pick it up from the queue and process the offer. This is what their status tracker looks like at the broker's end -
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Thanks for your help @K_S , it's a new build, hopefully that doesn't change things too much, this is already dragging on far too long!
@masrat1 Shouldn't change things too much. Perhaps a few extra days for the to and fro if the valuer needs confirmation on incentives, any clarification on the CML form or anything non-standard.
I am a Mortgage Adviser
You
should note that this site doesn't check my status as a mortgage
adviser, so you need to take my word for it. This signature is here as I
follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are
for information and discussion purposes only and shouldn't be seen as
financial advice.
We had DIP Accepted last week. our full application was submitted on 15/07.
However, there has been no soft or hard search on my credit file yet.
Is this normal with aldermore ?
@sarah1993 Ordinarily, there're be an 'Enquiry Footprint' at DIP and a 'Credit Search' at full application in the name of 'ALDERMORE BANK PLC'. It should show on Experian and/or Transunion. The dates aren't always in sync, sometimes the soft-footprint is converted to a hard-footprint so the date shown might be different from what you expect.
Nothing to panic about, perhaps you aren't looking at the updated version yet or there's some other error in it reflecting on your report.
I am a Mortgage Adviser
You
should note that this site doesn't check my status as a mortgage
adviser, so you need to take my word for it. This signature is here as I
follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are
for information and discussion purposes only and shouldn't be seen as
financial advice.
Also, do Aldermore take Gross pay or Reference salary into account for the affordability ?
I pay a hefty 10% for pension each month. Would this decrease my affordability ?
@sarah1993 Generally speaking, Aldermore will not factor in pension deductions for affordability so there *should* be no adverse impact on affordability.
I am a Mortgage Adviser
You
should note that this site doesn't check my status as a mortgage
adviser, so you need to take my word for it. This signature is here as I
follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are
for information and discussion purposes only and shouldn't be seen as
financial advice.
So after submitting our application back on the 3rd of June we have been backwards and forwards with document requests…frustrating as each time reset 7-9days for an update and it was repeated information they already had for our LISA’s!
However, yesterday our estate agent emailed to say that our valuation has been booked for Tuesday so I’m super hopeful we will receive an offer soon!
Replies
Just trying to gauge what sort of timescales we should expect, I know when I last checked they had a 9 day TAT, so at first guess it goes to the back of that line?
I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
We had DIP Accepted last week. our full application was submitted on 15/07.
However, there has been no soft or hard search on my credit file yet.
Is this normal with aldermore ?
I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
Also, do Aldermore take Gross pay or Reference salary into account for the affordability ?
I pay a hefty 10% for pension each month. Would this decrease my affordability ?
I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.