Aldermore - Process

PXP

Tape said:

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

How long have you been waiting for? 

Tape

Hi PXP, I think its been about 4 weeks since the full application was actually submitted. Our DIP was on 2nd July but I don't think the full application was submitted till 9th-13th Julyish.  Valuation was completed on 26th July, they asked for a new bank statement last week and contacted my accountant so hopefully will hear something this week - even if its just more documents/questions! 

Think its 6 days turnaround at the moment, so hope they don't need more documents! I've not had any questions yet however, and I've heard that Aldemore like to question specific transactions etc so I suspect there will be more...

Our offer was accepted end of June, so really hope we have something in place before September rolls around! Not had any pressure from vendor/ estate agents yet, but I can imagine it gets tricky with very long waits. 

LMJ10

Hi has anyone been successful with Aldermore with a High value 90% and on a DMP? 

Tape

Hi LmJ10, I'm aiming for 90% LTV and have history of DMP, but it was all paid off a couple of years ago. Will have to let you know how it works out. 

PXP

Does anyone know what kind of details they ask your employer when requesting for employment reference? 

LMJ10

Tape said:

Hi LmJ10, I'm aiming for 90% LTV and have history of DMP, but it was all paid off a couple of years ago. Will have to let you know how it works out. 

Thanks. And please do. Concerned about the high LTV and the fact I’m still in a DMP ( altho can be paid off with equity) altho I did get a DIP, just not very confident. 

Tape

PXP, I imagine they just want to confirm basic salary, if you've been on sick leave or furlough confirm you are back to work, and that your job isn't temporary. 

They won't be asking for a character reference or anything like that. 

Sarah1993

Quick update on our timeline

02/06 - DIP ACCEPTED (Nationwide )
16/06 - offer Accepted 
22/06 - Applied for mortgage with nationwide
24/06 - valuation carried out
06/07- mortgage declined due to presettled status
13/07 - DIP ACCEPTED (Aldermore )
15/07 - Full mortage application made with Aldermore 
22/07 - Additional information requested 
29/07 - All requested information provided 
05/08 - Valuation booked for 11/08
11/08- Valuation carried out
19/08 - Awaiting further update from Aldermore

Fingers crossed, not too long from here.

PXP

Sarah1993 said:

Quick update on our timeline

02/06 - DIP ACCEPTED (Nationwide )
16/06 - offer Accepted 
22/06 - Applied for mortgage with nationwide
24/06 - valuation carried out
06/07- mortgage declined due to presettled status
13/07 - DIP ACCEPTED (Aldermore )
15/07 - Full mortage application made with Aldermore 
22/07 - Additional information requested 
29/07 - All requested information provided 
05/08 - Valuation booked for 11/08
11/08- Valuation carried out
19/08 - Awaiting further update from Aldermore

Fingers crossed, not too long from here.

It’s looking good for you with Aldermore fingers crossed it gets approved by next week for you. 

What’s everyone else’s timeline? 

Tape

30/06 - offer accepted
02/07 - Aldemore DIP received
09/07-13/07 - full application submitted 
20/07 - Valuation survey instructed
26/07 - Valuation carried out
28/07 - asked to explain why my income was lower two years ago (maternity leave/part time work) and for my accountants email address
04/08 - July bank statement requested & my accountant lets me know they've been contacted by Aldemore for a reference,
11/08 - broker said they'd asked for a few more of my savings statements (which broker had already) but otherwise just waiting further update from Aldemore.

I'm pretty sure some of the gaps are because my broker was unwell. Have had no indication how its going at all, just have to see what they say when they are ready!