Aldermore - Process

in Mortgages & Endowments
736 replies 22.1K views
Hi

Does anyone know Aldermores process.

We submitted our full application on Monday 15th March, note on our application that says go to valuation on Tuesday 16th. 

MA says its positive, but is that not a bit too quick? Will they still have to do the actual underwriting after the valuation? MA said that the underwriting has been done but I've seen so much conflicting info from few years back that don't make me feel confident. 

TIA x
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Replies

  • CLJ2986CLJ2986 Forumite
    430 Posts
    100 Posts Name Dropper
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    Mine seems the opposite, haven't had a valuation mentioned but had a request for a ton of information relating to my pay which would suggest they've looked into the underwriting before the valuation. My application was submitted on 5/3. Yet another thread ill be following with interest as I try to put together a budget proving we can manage while I'm on maternity! 
  • Brucema07Brucema07 Forumite
    54 Posts
    10 Posts Name Dropper
    Oh really! Why would they not stick to one way of doing it? I've tried to read and people say underwriting then valuation with other banks but I just don't trust the 1 day turnaround. Has your MA said this is how they usually do it, requesting all the info then underwriting? 
  • CLJ2986CLJ2986 Forumite
    430 Posts
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    No they haven't I'm afraid, I wish I could give you an answer cause I know how frustrating this is! I will ask tomorrow when I send all the documents over that they've requested and let you know what they say though 
  • Brucema07Brucema07 Forumite
    54 Posts
    10 Posts Name Dropper
    It is isn't it. I don't like how unclear it is. In my job, we are very process driven so to have to wait and not know what goes on, its getting to me haha. 
    Ah thats great thanks! I feel bad for not trusting my MA more, but I'm just so worried about it all. X
  • Rudi1990Rudi1990 Forumite
    86 Posts
    10 Posts Name Dropper
    Brucema07 said:
    Hi

    Does anyone know Aldermores process.

    We submitted our full application on Monday 15th March, note on our application that says go to valuation on Tuesday 16th. 

    MA says its positive, but is that not a bit too quick? Will they still have to do the actual underwriting after the valuation? MA said that the underwriting has been done but I've seen so much conflicting info from few years back that don't make me feel confident. 

    TIA x
    Aldermore do a hard search and instruct the valuation straight away, once the valuation is done and providing they are happy with it, the underwriting process begins.
    Your mortgage advisor can (as mine did) ask for the underwriting to be done before the valuation, so if you don’t pass underwriting you can get a refund on the valuation fee (usually payable on full application)
  • Brucema07Brucema07 Forumite
    54 Posts
    10 Posts Name Dropper
    Rudi1990 said:
    Brucema07 said:
    Hi

    Does anyone know Aldermores process.

    We submitted our full application on Monday 15th March, note on our application that says go to valuation on Tuesday 16th. 

    MA says its positive, but is that not a bit too quick? Will they still have to do the actual underwriting after the valuation? MA said that the underwriting has been done but I've seen so much conflicting info from few years back that don't make me feel confident. 

    TIA x
    Aldermore do a hard search and instruct the valuation straight away, once the valuation is done and providing they are happy with it, the underwriting process begins.
    Your mortgage advisor can (as mine did) ask for the underwriting to be done before the valuation, so if you don’t pass underwriting you can get a refund on the valuation fee (usually payable on full application)
    Thank you! He did say they will do a full underwrite before the valuation is instructed, but that literally happened in a day! Just seems a bit quick, don't you think? Going by what I've heard it takes longer usually! I don't trust the full underwrite has been done!
  • simk6simk6 Forumite
    32 Posts
    10 Posts
    Brucema07 said:
    Rudi1990 said:
    Brucema07 said:
    Hi

    Does anyone know Aldermores process.

    We submitted our full application on Monday 15th March, note on our application that says go to valuation on Tuesday 16th. 

    MA says its positive, but is that not a bit too quick? Will they still have to do the actual underwriting after the valuation? MA said that the underwriting has been done but I've seen so much conflicting info from few years back that don't make me feel confident. 

    TIA x
    Aldermore do a hard search and instruct the valuation straight away, once the valuation is done and providing they are happy with it, the underwriting process begins.
    Your mortgage advisor can (as mine did) ask for the underwriting to be done before the valuation, so if you don’t pass underwriting you can get a refund on the valuation fee (usually payable on full application)
    Thank you! He did say they will do a full underwrite before the valuation is instructed, but that literally happened in a day! Just seems a bit quick, don't you think? Going by what I've heard it takes longer usually! I don't trust the full underwrite has been done!
    I was under the impression that within the first 5 days they underwrite new applications as it states on their intermediary site - this will be credit/affordability then you will move onto valuation. There is no point instructing the valuation if you don't pass the initial affordability/credit. Thats what my MA told me but Rudi says its the opposite. I think the Underwriting first sounds more logical but it's a bank are their processes ever logical lol...



    Don't get me wrong they told me that they needed a further 5 days for my application and issued it the next day so I imagine it's how quick the underwriter works I guess/ service demands.
  • Rudi1990Rudi1990 Forumite
    86 Posts
    10 Posts Name Dropper
    simk6 said:
    Brucema07 said:
    Rudi1990 said:
    Brucema07 said:
    Hi

    Does anyone know Aldermores process.

    We submitted our full application on Monday 15th March, note on our application that says go to valuation on Tuesday 16th. 

    MA says its positive, but is that not a bit too quick? Will they still have to do the actual underwriting after the valuation? MA said that the underwriting has been done but I've seen so much conflicting info from few years back that don't make me feel confident. 

    TIA x
    Aldermore do a hard search and instruct the valuation straight away, once the valuation is done and providing they are happy with it, the underwriting process begins.
    Your mortgage advisor can (as mine did) ask for the underwriting to be done before the valuation, so if you don’t pass underwriting you can get a refund on the valuation fee (usually payable on full application)
    Thank you! He did say they will do a full underwrite before the valuation is instructed, but that literally happened in a day! Just seems a bit quick, don't you think? Going by what I've heard it takes longer usually! I don't trust the full underwrite has been done!
    I was under the impression that within the first 5 days they underwrite new applications as it states on their intermediary site - this will be credit/affordability then you will move onto valuation. There is no point instructing the valuation if you don't pass the initial affordability/credit. Thats what my MA told me but Rudi says its the opposite. I think the Underwriting first sounds more logical but it's a bank are their processes ever logical lol...



    Don't get me wrong they told me that they needed a further 5 days for my application and issued it the next day so I imagine it's how quick the underwriter works I guess/ service demands.
    Again, I’m only going on my own experience and what was advised to me by my MA, however it is standard process for lots of lenders to do the valuation before underwriting.
  • Brucema07Brucema07 Forumite
    54 Posts
    10 Posts Name Dropper
    Ah thank you both. There's probably no clear cut way to do it for every person and that's why there's no confirmation of their process anywhere. I will just have to try and be more patient I suppose x
  • CLJ2986CLJ2986 Forumite
    430 Posts
    100 Posts Name Dropper
    ✭✭
    Just to update you, I've had no response from my broker today. I've sent all the information requested so gonna assume she's either super busy or off today and hope I get a response tomorrow! 
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