Aldermore confirm their improvements to residential criteria in relation to payment holidays

I’m getting back in touch to let you know about some further changes that we’ve made that impact how we assess new mortgage applications from customers who have taken out a mortgage payment break.

For new business applications from customers who have taken advantage of a mortgage payment break, we are reducing the period of time that we require evidence of regular payments being made. With immediate effect, we are reducing this from 3 months to 1 month. We will shortly update our own broker Q&A’s to reflect this change. I would also be grateful if you could update your firms’ criteria or COVID-19 support pages at your earliest opportunity.

As the mortgage market continues along the path to recovery, we’ve seen an increase in demand which is incredibly positive. As many of our colleagues are still supporting our existing customers through this period, it’s having an impact on the service that we’re able to offer you right now. Our current turnaround time for underwriting new cases remains at 8 days.

We’ve been committed to keeping our doors open for brokers and customers and I want to thank you for your patience during this time. Your support has been key to helping our operations team process applications as quickly as possible

If there’s anything else we can help with, please get in touch.

Regards

Nick Parker

Head of intermediary Distribution Residential Mortgages

D : 07788 301284

E: nicholas.parker@aldermore.co.uk

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