Aldermore - remortgage - home improvement info

Elsc04

Hello.

I'm in the process of applying for a remortgage through a broker. We had IVA discharged just over 2 years ago so when we moved we were with Blustone. Re-mortgage options are still limited but going with Aldermore - rate decent and we're wanting to take some equity out for home improvements.

We're currently at 65% LTV (we had to put a bit deposit down when we moved and house has increased a bit in value) and we want to take this to 80% LTV - take out c£60k. Affordability isn't an issue, broker said it's really good etc.

Aldermore have requested details about the home improvement plans. We have brief details on what we'd like to do and I've sent "brief details" as requested by the broker but has anyone had similar experiences?

Did you have to provide specific quotes or is it just a sense check does anyone think?

thanks :)

ACG

We received an offer earlier this week for a customer who is 2 years discharged from an IVA - so the IVA side should be fine.

The work quotes should be quite straight forward. Some lenders are a bit more pedantic than others, but all you can do is provide quotes. I dont think you need to go overboard with it.

Elsc04

thanks for this.

My broker said brief details which I’ve provided. He said they’re notoriously slower but we’re getting closer to where we want to be so hoping that’s a good sign

ACG

oh my god are they are glacial! They fell outside of their SLAs, when I got it escalated they missed those SLAs too!

Elsc04

they seem to be slow - even for a specialist lender. Valuation is booked now for early next week. They do ask a question over why we had a small loan last year (was for some home stuff) but not heard back. Hoping once valuation is done it shouldn’t be too long - especially as it’s a remortgage on a new build that’s only 2.5 years old - but reading they’re taking between 5-15 working days after valuation to decide.

I’m also assuming these types of questions are fairly normal and to maybe expect a few more….. fun times!