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  • FIRST POST
    • redman1989
    • By redman1989 2nd May 19, 2:12 PM
    • 41Posts
    • 6Thanks
    redman1989
    Re - Aldermore Mortgage timescale
    • #1
    • 2nd May 19, 2:12 PM
    Re - Aldermore Mortgage timescale 2nd May 19 at 2:12 PM
    Hi All,

    Me and my Wife are buying our first property together and was wondering what time scales I should expect as we are also in the process of selling the house she owned before we got together.

    Obviously going with Aldermore as I had some small defaults from 3+ years ago totalling to £600.

    Mortgage broker had everything at hand previously 3 months statements, payslips, utilities bills, proof of deposit (will be from our sale, we will end up with £50,000 cash but will only need £26,000 for deposit), Credit Reports as we wanted her to review us first before anything got done, we had a DIP with another lender which was 15% deposit but we wanted the 10% for the cash (even though the monthly rate jumped!)

    AIP Mortgage quote search on Credit Record - 29/04/2019
    AIP was accepted - 29/04/2019
    Hard credit Search - 30/04/2019
    Application was Accepted - 30/04/2019
    They requested valuation fee be paid - 30/04/2019
    Valuation fee cleared my bank today - 02/05/2019
    Further Payslip requested - 03/05/2019
    Employment history info requested - 07/05/2019
    Valuation instructed (no date confirmed) 08/05/2019
    Valuation carried out (issues with a few cracks & uneven/sloping)- 09/05/2019
    Requested to arrange a Structural Engineer - 09/05/19

    MA said she will poke them today with regards booking the valuation in as the EA asked me when do i think it would be, MA seems is saying that it's not uncommon for them to take a few days to get around to booking the Valuation.

    My Wifes credit has always been excellent mine's been fair on Experian other than the aged defaults from 3-5 years ago i've had nothing else adverse happen.

    I earn £36,000 & she earns £30,000 buying a house for £260,000 so need to lend £234,000.

    Saving grace is we are selling a lease hold flat which is looking to take a 1-2 months to complete so not in any immediate rush the stress is killing me though! I don't know if i should be expecting them to act instantly each time i do my bit as keep thinking something is going to go wrong as the time progresses.
    Last edited by redman1989; 09-05-2019 at 1:52 PM.
Page 1
    • FTBLB
    • By FTBLB 3rd May 19, 7:08 AM
    • 7 Posts
    • 0 Thanks
    FTBLB
    • #2
    • 3rd May 19, 7:08 AM
    • #2
    • 3rd May 19, 7:08 AM
    Hi redman1989

    We put our full application in yesterday with Aldermore. I’m now so nervous! We got told valuation will normally be completed in about 7 days so will keep you updated if we hear anything. Have you been asked for any documents to be sent? We have been asked for 3 payslips, 3 months bank statements, proof of deposit, p60, Signed DD mandate and had to sign application documents
    • Emanresu321
    • By Emanresu321 3rd May 19, 7:23 AM
    • 6 Posts
    • 9 Thanks
    Emanresu321
    • #3
    • 3rd May 19, 7:23 AM
    • #3
    • 3rd May 19, 7:23 AM
    Hi, I think they are busy at the moment. We had DIP & credit check on Friday 26th, full app in on Monday 29th, when they also debited the valuation fee, but it's not been looked at yet.

    Hopefully next step will be the valuation being booked, fingers crossed - will keep you both updated!
    • redman1989
    • By redman1989 3rd May 19, 7:55 AM
    • 41 Posts
    • 6 Thanks
    redman1989
    • #4
    • 3rd May 19, 7:55 AM
    • #4
    • 3rd May 19, 7:55 AM
    @FLTBLB - I had provided all of the below to my Mortgage broker previously as I had some aged adverse credit she done a full review of my bank statements, credit report & payslips etc so she had everything at hand to send across.

    They have come back and asked for my most recent Payslip (Aprils)

    Signed application documents & DD mandate although very nervous now as our Buyers have gone silent so really put a massive spanner in the works.
    • aritchie24
    • By aritchie24 3rd May 19, 5:02 PM
    • 4 Posts
    • 1 Thanks
    aritchie24
    • #5
    • 3rd May 19, 5:02 PM
    • #5
    • 3rd May 19, 5:02 PM
    Hello,

    Me and my partner applied to Aldermore via mortgage broker on 12 April with mortgage offer received on 24 April - the fact we are in Scotland means they just take the home report so may speed timescales up a bit!

    My mortgage advisor did advise when we applied we should find out their decision in 10 days. Aldermore did come back asking us to clarify a few things on our bank statements in between times. My mortgage adviser did advise us on 22nd that with the Easter bank holiday they were running a week behind on their SLA - hope that helps and good luck ��
    • redman1989
    • By redman1989 8th May 19, 1:15 PM
    • 41 Posts
    • 6 Thanks
    redman1989
    • #6
    • 8th May 19, 1:15 PM
    • #6
    • 8th May 19, 1:15 PM
    Just an update -

    Had a few questions from Aldermore over the last few days employment history breakdown etc, heard they had a back log & MB informed me the Valuation has now been instructed.

    Hopefully have an offer shortly!
    • amnblog
    • By amnblog 8th May 19, 5:35 PM
    • 11,136 Posts
    • 4,450 Thanks
    amnblog
    • #7
    • 8th May 19, 5:35 PM
    • #7
    • 8th May 19, 5:35 PM
    Two things to note.

    They won’t ‘underwrite’ anything until the valuation is back so expect further work at that point.

    Most time they are working on information received 5 to 10 days previously. So don’t expect too much within a fortnight of your valuation.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • FTBLB
    • By FTBLB 9th May 19, 7:23 AM
    • 7 Posts
    • 0 Thanks
    FTBLB
    • #8
    • 9th May 19, 7:23 AM
    • #8
    • 9th May 19, 7:23 AM
    We received a recommendation letter from our mortgage advisor yesterday (we went direct to Aldermore) and said they would be in contact after the initial assessment has been carried out. Iíve checked my Experian and a hard search got done on the 2nd. We still donít know if or when the valuation will be carried out
    • redman1989
    • By redman1989 9th May 19, 9:13 AM
    • 41 Posts
    • 6 Thanks
    redman1989
    • #9
    • 9th May 19, 9:13 AM
    • #9
    • 9th May 19, 9:13 AM
    I've just seen my hard search was done on the 30th and Valuation was only instructed yesterday, although my EA haven't been contacted yet.
    • FTBLB
    • By FTBLB 9th May 19, 10:52 AM
    • 7 Posts
    • 0 Thanks
    FTBLB
    Hopefully we will hear something in a few days then. I checked on the website and it is saying 6 days to underwrite and 25 days to offer so if thatís right we will still have a while to wait. Will keep you updated if we hear anything about valuation
    • Ejstar
    • By Ejstar 9th May 19, 9:53 PM
    • 3 Posts
    • 0 Thanks
    Ejstar
    Hi all, my mortgage application to Aldermore was accepted on 30th April and the valuation fees were paid the same day. They requested a work reference from HR on 8th May (it is a new job, same field but better paid) and my mortgage broker says that is the only document outstanding begore they'll book the valuation. Unfortunately, HR give themselves 5 working days to respond, but I will be chasing them every day ��

    Nothing really to add to the discussion except solidarity in waiting. I don't expect the valuations to be instructed before the end of next week though!

    Fingers crossed for speedy mortgage offers for everyone x
    • Emanresu321
    • By Emanresu321 10th May 19, 7:09 AM
    • 6 Posts
    • 9 Thanks
    Emanresu321
    I had extra work docs requested last week too, which were sent yesterday. So still no valuation news nor hard credit check done (do they do one?), just soft check showing on 26th Apr for DIP. Here's hoping for news next week everyone :-)
    • FTBLB
    • By FTBLB 10th May 19, 8:02 AM
    • 7 Posts
    • 0 Thanks
    FTBLB
    We had an email last night from MA to say initial assessment was ok and that valuation has now been booked, not sure when for though. They have ask us for some more information which we have now sent over. On my Experian it is showing 3 Aldermore searches, 1 for DIP, 1 for identity check and another when we put in full application
    • redman1989
    • By redman1989 10th May 19, 1:33 PM
    • 41 Posts
    • 6 Thanks
    redman1989
    Our Valuation came back with issues - possible movement within the property & concerns with the cracks and slopping on the floors, they've asked for us to get a full structural report and in hindsight some of the issues the valuation report mentioned have scared us off.

    we have found another property which is done up well & cheaper although I'm now being informed my Application will have to start from the actual start which is abit annoying..
    • Ejstar
    • By Ejstar 10th May 19, 9:45 PM
    • 3 Posts
    • 0 Thanks
    Ejstar
    So apparently Aldermore are taking 5 working days to pick up notes/documents. So I gave them the contact details for my work reference on Wednesday 8th, so they're not due to request reference until next Wednesday. Then it'll be another 5 working days after they receive the reference before they even look at.. so 22nd May if my work miraculously do it the same day.

    It's so frustrating and Ive not even got to valuations yet!!

    Getting in by June seems laughably naive now 😭😭😭

    Ahhhh sorry there was a problem with your survey, even worse you have to start again!!!
    • FTBLB
    • By FTBLB 15th May 19, 8:15 PM
    • 7 Posts
    • 0 Thanks
    FTBLB
    We are in a similar situation. Got asked a few questions about p60 and payslips. Got an email from MA on Monday to say itís taking underwrites 5 working days to look at documents. Got told valuation has been instructed but still havenít heard anything back from that and that was instructed last Thursday. Itís going to be a long wait I think
    • redman1989
    • By redman1989 20th May 19, 10:37 AM
    • 41 Posts
    • 6 Thanks
    redman1989
    First property failed Valuation and the Engineers report confirmed too many issues so we opted against, we did have a back up property but was informed we would need a new application to go in for it.

    Update on my second application;

    - Second application submitted - 13/05/2019
    - Valuation Fee paid - 14/05/2019
    - No further docs requested & Valuation instructed - 17/05/2019

    Seems a lot faster than my first application earlier on in the month, they came back with questions the first time round (which we submitted with the application, so that may have helped as it held things up prior).

    As the property is the same value I do think have they used the first application as a reference point as it was very recent.
    • nattybuk
    • By nattybuk 22nd May 19, 2:41 PM
    • 14 Posts
    • 0 Thanks
    nattybuk
    Well our broker (who has been fantastic) has submitted our application with Aldermore. Nervous isnít even the word!
    • redman1989
    • By redman1989 22nd May 19, 3:21 PM
    • 41 Posts
    • 6 Thanks
    redman1989
    Keep us updated NattyB, still waiting for my Valuation to be instructed.

    Spoke to the EA today and they said they had heard nothing, but also they said that last time then the same day I actually received a copy of the Valuation report haha.
    • FTBLB
    • By FTBLB 22nd May 19, 4:47 PM
    • 7 Posts
    • 0 Thanks
    FTBLB
    Our valuation was instructed 09/05 and it was completed yesterday. I only found this out as I rang the estate agent today asking if and when it had been completed. Not heard anything from Aldermore about it so hoping that could be a good sign 🤞🏼
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