Aldermore - Process

in Mortgages & Endowments
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  • Sarah1993Sarah1993 Forumite
    13 Posts
    10 Posts Name Dropper
    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.

     We have received our offer today! 😀😄
    Hope everyone else hears some good  news soon
  • PXPPXP Forumite
    14 Posts
    10 Posts Name Dropper
    Sarah1993 said:
    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.

     We have received our offer today! 😀😄
    Hope everyone else hears some good  news soon
    Congratulations 🥳🥳🥳 really happy for you, just in time for the weekend🍾🍾. 

    All the best with the rest of the process. 
  • Arnold03Arnold03 Forumite
    5 Posts
    Second Anniversary First Post
    MoneySaving Newbie
    our offer arrived yesterday!
    Its been an emotional  tough 12-14 weeks - 
    DIP on 27th May
    Valuation really fast within 10-14 days
    Then we had various delays due to aldermore workloads, then a few coming and going questions which each one answered then put it to the back of queue again... Self employed with three years accounts - 10% deposit. 
    Our brokers have been fab - and called to say offer was in on Friday, and Posty delivered yesterday.
    All other background has been done - so we are hoping for exchange and completion asap!
    Fingers Crossed and good luck to everyone else xx

  • TapeTape Forumite
    14 Posts
    10 Posts
    Congrats to the new offer holders! We seem to have new questions each week, so I imagine we'll be a while yet!

    Lovely to know that the long waits seem to be worthwhile however!
  • TapeTape Forumite
    14 Posts
    10 Posts
    If anyone is still checking, Our offer arrived today, 90% LTV, self employed with history of DMP, paid off 2yrs ago and defaults over 3yrs. 

    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 - Asked for more savings statements
    13/08 - Asked to explain what a  couple of bank transactions are for, and to chase accountants reference.
    23/08 offer arrived in the post!

    So around 6 weeks from full application to offer, around 8 weeks from our offer being accepted to receiving mortgage offer. 

  • Sarah1993Sarah1993 Forumite
    13 Posts
    10 Posts Name Dropper
    Tape said:
    If anyone is still checking, Our offer arrived today, 90% LTV, self employed with history of DMP, paid off 2yrs ago and defaults over 3yrs. 

    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 - Asked for more savings statements
    13/08 - Asked to explain what a  couple of bank transactions are for, and to chase accountants reference.
    23/08 offer arrived in the post!

    So around 6 weeks from full application to offer, around 8 weeks from our offer being accepted to receiving mortgage offer. 

    Congratulations. 😀
  • Terry974Terry974 Forumite
    2 Posts
    First Post
    MoneySaving Newbie
    Thought I’d give my full process/timeline in case it’s helpful to others as I’ve now completed and moved in! 

    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

    21/06 - Mortgage offer received in post!

    Delay with Aldermore sending the mortgage offer to the solicitors was frustrating, but solicitors finally received a copy around 3 weeks after I received mine.

    17/08 - Agreed to exchange/complete on 25/08

    25/08 - Exchanged and completed, there was no chain on my purchase so funds were received by both sets of solicitors by around midday

    Something I was worried about was using my credit card for car repairs between the mortgage offer stage and completion. I’d heard myths that some lenders carry out a second credit check on or just before completion, but this did not happen with Aldermore. 

    Good luck to everyone going through the process, it’s long and stressful but worth it in the end! 
  • Ros3s1Ros3s1 Forumite
    4 Posts
    Name Dropper First Post
    MoneySaving Newbie
    @Tape @Sarah1993 Congratulations on your mortgages offers. I thought I’d messsage as you seem to be active the most recently in the thread.

    We currently have DIP with aldemore and currently preparing for the full application process. 

    We are also joint first time buyer with 90%LTV. One has good credit history. One has poor defaults over 3 years old and satisfied however one was a large amount.
    we are both full time employed.

    I’m just curious as to the additional information people keep saying Aldemore ask for. Can any one shed any light on this. For example do they request more than 3 month bank statements. Are they quite strict on individual transactions ?

    any information would be great on what extra documents they ask for. 
  • TapeTape Forumite
    14 Posts
    10 Posts
    Hi, we are still waiting to exchange - hopefully soon! sellers don't seem to be in a rush.

    Additional information, they do ask for lots of bits and pieces, but this was mostly due to my self employment. If the process goes on for more than a month they might ask for a more recent bank statement later on down the line, but its all generally wage slips, p60, bank statements. They do like to ask questions about any large or strange looking transactions.

    For example, they asked why I had a £1000 payment to royal mail (it was a business expense I paid for on the wrong card), another question they asked was why i had a covid 19 support payment (it was a one off tax credits payment). They were quite happy with my answers, they just wanted to know they weren't regular expenses, signs of debt etc, 
  • LMJ10LMJ10 Forumite
    214 Posts
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    ✭✭
    We have put our application in with Aldermore, 

    We are going for 90% LTV and we are on a DMP - which can be paid after we complete. 

    They came back quite quickly asking for proof of payments to the DMP and an explanation why we went on it. 
    And a question on childcare payments. 

    Now just waiting to hear again ……..
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