Aldermore - Process

welly_59

Slou123 said:

Hello

sorry for jumping an old thread but there’s a few of you here that have aldemore offers!

Our mortgage got a DIP last week. And on Monday we were told it had been approved by the pre underwriter and now waiting for underwriting (due to hear back tomorrow!) is it promising at this stage?rhank You kindly 
Shirley 

@slou123 how did you get on?

Slou123

welly_59 said:

Slou123 said:

Hello

sorry for jumping an old thread but there’s a few of you here that have aldemore offers!

Our mortgage got a DIP last week. And on Monday we were told it had been approved by the pre underwriter and now waiting for underwriting (due to hear back tomorrow!) is it promising at this stage?rhank You kindly 
Shirley 

@slou123 how did you get on?

Hey! We got our offer no issues! However it runs out in three weeks and we havent completed yet. now wandering what they do with extensions!!!!!!

welly_59

Most lenders will offer some form of extension, i can't comment about aldermore specifically though.

Works you be able to post a timeline of your application so far? What LTV?

Slou123

Hi! When aldermore release funds is anything else required or any further checks erc? Trying to be prepared for Monday?

sherbert1964

Hi all, I've been following this thread in the shadows for a while now and see it's an old thread so hopefully someone still looking here!

I've had an application in with Aldermore for a couple weeks now, DIP accepted off the bat but on initial underwriting our application was declined as they deemed our risk to be too high. We have a large deposit (~ 30%) and good credit history but Aldermore were one of the only lenders prepared to give us max lending at approx 5x income and consider my income as newly self employed.

They declined us because:

 1) Despite the affordability calculators saying otherwise, they thought the loan was too high
 2)  I'm newly self employed and my Ltd company had a small loss in Y1. Y2 has been a large net profit and they are having to take the latest year income in isolation and ignore the Y1 loss, which was also risky (although had been pre-approved by their BDM)
 3) New payments are 4x our current mortgage as our current rate is 2.01% on a relatively small interest only loan, and new loan is 5.39% on a much larger repayment loan.

We've gone back to them to appeal and it's currently sat with their operations manager being re-reviewed but we're not hopeful.

Has anyone else here had any experience with a decline with Aldermore, or generally a mortgage app being newly self employed?

TIA - Sherbs

PeteStew

Looking for an indication of how long mortgage applications are taking with Aldermore recently [2023]? Any experience of applications for properties in Scotland would be extra helpful. Application submitted about six weeks ago [mid-May] and still waiting for offer.