Aldermore - Process

CLJ2986

MrsYa8 said:

I’m trying to work out what is going on with our application. I probably should just pick the phone up and ask our MA but I feel like we ask so many questions already. 

Basically last week MA phones and asks for a some information to be sent to him so he could forward onto Aldermore. I’m not sure if this is because our DIP got referred and he needed this info to have the DIP agreed. The latest update we have was that she had submitted all the paperwork and it’s all with the under writers? 

So do you think that this means the full application has gone in or do you think that is for a DIP.   

 I know they current underwriting is 6 days including weekends or 6 working days 

I know I should probably ask the MA. But I hate having to keep asking questions. 

Thank you. 

That sounds like a full application but best way to know is to ask your broker, I asked mine hundreds of questions lol have you paid the valuation fee? 

h75jb

Our valuation was like almost 3 weeks ago and we’re still being asked so many questions.. our seller is getting very frustrated as are we! We’re at week 10 with so much back and forth.

has anyone else experienced this? We’re being chased by the estate agent a lot and as FTB’s we don’t know if 10 weeks with Aldermore is normal? 

Would appreciate any advice!

K_S

h75jb said:

Our valuation was like almost 3 weeks ago and we’re still being asked so many questions.. our seller is getting very frustrated as are we! We’re at week 10 with so much back and forth.

has anyone else experienced this? We’re being chased by the estate agent a lot and as FTB’s we don’t know if 10 weeks with Aldermore is normal? 

Would appreciate any advice!

@h75jb A lot of to-and-fro before the valuation is instructed is normal with Aldermore. A lot of to-and-fro AFTER the valuation is less common unless it's related to the valuation itself - like a rent charge, property construction questions, etc.

What are the post valuation questions in relation to?

Tape

I wonder if they've recently changed their process, as our valuation was a week and a half ago, but I was asked for a more recent bank statement yesterday (as its been around a month since we applied) , and I think my accountants were asked for a reference yesterday too.

As the valuation was instructed a couple of weeks after application, I had assumed some of the underwriting had already been done, but I think in our case and from the sounds of h75jb it must be that they aren't doing it until after valuation? 

Could be that they were so backed up from the stamp duty rush they changed the order around a bit?

Sarah1993

h75jb said:

Our valuation was like almost 3 weeks ago and we’re still being asked so many questions.. our seller is getting very frustrated as are we! We’re at week 10 with so much back and forth.

has anyone else experienced this? We’re being chased by the estate agent a lot and as FTB’s we don’t know if 10 weeks with Aldermore is normal? 

Would appreciate any advice!

We are in the same boat. The seller is pushing for completion this month. however, aldermore has not yet instructed the valuation and had asked us to provide some bank statements from Feb 2 weeks back. So I suppose they are doing some kind of underwriting before instructing the valuation. 

Arnold03

10 weeks here too valuation was done within first two weeks. self employed so had a few questions nothing too major but seems to go back to 6-7 working days each time which is frustrating, hopefully not long now. 

Tape

10 weeks! Oh no, my broker had estimated 2-3 weeks for the process. I think I'd better dial down my expectations! 

Masrat1

We put our application in at the beginning of June, think it took 4-5 weeks and that is with the valuation being delayed over a week due to incorrect details and difficulties getting hold of the developers, so 3 weeks is probably not outside of the realm of possibilities! Our broker seems to have been extremely good though as Aldermore only requested new payslips due to our application slipping into the next month due to an unsuccessful application through another bank.

Lauratemps

So today we finally received our mortgage  offer after 2 weeks since the valuation! It is a weight off our minds for sure! Just wish we knew the timeline going forwards!

Tape

Congratulations! There is light at the end of the tunnel then!