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  • FIRST POST
    • Amiz1982
    • By Amiz1982 7th Dec 17, 8:23 PM
    • 5Posts
    • 1Thanks
    Amiz1982
    Declined by Aldermore
    • #1
    • 7th Dec 17, 8:23 PM
    Declined by Aldermore 7th Dec 17 at 8:23 PM
    Hi,
    I really need some help, I feel like my plans are falling around my ears.

    I got a mortgage in principal in early October and so moved forward with the sale of my house and looking for a new one.
    We have invested a lot of money into this as we currently own a shared ownership and we are trying a new build.
    We have just gone back to sort the mortgage in full and it’s now been turned down as I went into my overdraft due to some significant personal reasons and I have now paid this off.

    They have said they will reconsider the application in February providing I stay out the overdraft.
    But I’ll loss all the money I invested by then and it will take me a long time to recover from it
Page 1
    • DCFC79
    • By DCFC79 7th Dec 17, 8:32 PM
    • 30,436 Posts
    • 19,238 Thanks
    DCFC79
    • #2
    • 7th Dec 17, 8:32 PM
    • #2
    • 7th Dec 17, 8:32 PM
    Is there a question there ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Amiz1982
    • By Amiz1982 7th Dec 17, 8:44 PM
    • 5 Posts
    • 1 Thanks
    Amiz1982
    • #3
    • 7th Dec 17, 8:44 PM
    • #3
    • 7th Dec 17, 8:44 PM
    Is it worth trying to appealing
    • ACG
    • By ACG 7th Dec 17, 8:48 PM
    • 15,912 Posts
    • 8,152 Thanks
    ACG
    • #4
    • 7th Dec 17, 8:48 PM
    • #4
    • 7th Dec 17, 8:48 PM
    Why did you go to Aldermore?

    Did they ask for bank statements? They do not normally ask for them.

    You have nothing to lose by appealing it, but I doubt they will back down.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
    • Amiz1982
    • By Amiz1982 7th Dec 17, 9:09 PM
    • 5 Posts
    • 1 Thanks
    Amiz1982
    • #5
    • 7th Dec 17, 9:09 PM
    • #5
    • 7th Dec 17, 9:09 PM
    I have a previous Iva and my husband has a dmp.

    No they did ask for bank statements.
    • Amiz1982
    • By Amiz1982 7th Dec 17, 9:10 PM
    • 5 Posts
    • 1 Thanks
    Amiz1982
    • #6
    • 7th Dec 17, 9:10 PM
    • #6
    • 7th Dec 17, 9:10 PM
    Sorry “didn’t ask for statements “
    • ACG
    • By ACG 7th Dec 17, 9:27 PM
    • 15,912 Posts
    • 8,152 Thanks
    ACG
    • #7
    • 7th Dec 17, 9:27 PM
    • #7
    • 7th Dec 17, 9:27 PM
    If they did not ask for bank statements, how do they know you went overdrawn?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
    • Elfinpie
    • By Elfinpie 7th Dec 17, 9:51 PM
    • 41 Posts
    • 5 Thanks
    Elfinpie
    • #8
    • 7th Dec 17, 9:51 PM
    • #8
    • 7th Dec 17, 9:51 PM
    Does it not show on your credit file? Eg balance £100, overdraft £50. I know it only shows a 0 on mine when I’m not in my overdraft at the end of the month.
    • Thrugelmir
    • By Thrugelmir 7th Dec 17, 10:30 PM
    • 56,257 Posts
    • 49,626 Thanks
    Thrugelmir
    • #9
    • 7th Dec 17, 10:30 PM
    • #9
    • 7th Dec 17, 10:30 PM
    it’s now been turned down as I went into my overdraft due to some significant personal reasons and I have now paid this off.
    Originally posted by Amiz1982
    You had no available savings it appears. Where is the money coming from to fund your house purchase/move?
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • Amiz1982
    • By Amiz1982 8th Dec 17, 3:57 AM
    • 5 Posts
    • 1 Thanks
    Amiz1982
    I have a large amount of money in my house due to the property market in the area I live. And with disclosing to much I have already paid out a lot on setting up the sale and was going to take the rest out of the sale of the house. This move really is life changing for us.
    • csgohan4
    • By csgohan4 8th Dec 17, 7:00 AM
    • 4,021 Posts
    • 2,500 Thanks
    csgohan4
    Hi,

    I am a mortgage broker and woukd like to know if you still need help?

    Regards,
    Richard
    Originally posted by Clarkey25a

    Yeah go help yourself in reading the forum rules before touting for business which is against forum rules.


    Avoid at all costs, if they don't read the forum rules, what else won't they do in their line of work?
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Clarkey25a
    • By Clarkey25a 8th Dec 17, 7:53 AM
    • 1 Posts
    • 1 Thanks
    Clarkey25a
    Hi All,

    Am new to this thing as you can see by my first post above.

    No offence of the rules intended but can see also from other posts/chats that people were saying they know someone and to get in touch. I was taking the next step by actually offering services .

    Furthermore, from the slightly extreme reaction from the person who contested my post, I think it has shown me what sort of people can be on here anyway which are not the types I like to help. It's probably done me a favour in the end.
    • kingstreet
    • By kingstreet 8th Dec 17, 9:26 AM
    • 32,395 Posts
    • 17,394 Thanks
    kingstreet
    Hi All,

    Am new to this thing as you can see by my first post above.

    No offence of the rules intended but can see also from other posts/chats that people were saying they know someone and to get in touch. I was taking the next step by actually offering services .

    Furthermore, from the slightly extreme reaction from the person who contested my post, I think it has shown me what sort of people can be on here anyway which are not the types I like to help. It's probably done me a favour in the end.
    Originally posted by Clarkey25a
    Have a read of this;-

    http://forums.moneysavingexpert.com/showthread.php?t=325378

    since the stickies have been 'stuck' in one folder, it isn't easy to find what should be easy.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • Amst
    • By Amst 8th Dec 17, 7:07 PM
    • 69 Posts
    • 30 Thanks
    Amst
    Hi All,

    Am new to this thing as you can see by my first post above.

    No offence of the rules intended but can see also from other posts/chats that people were saying they know someone and to get in touch. I was taking the next step by actually offering services .

    Furthermore, from the slightly extreme reaction from the person who contested my post, I think it has shown me what sort of people can be on here anyway which are not the types I like to help. It's probably done me a favour in the end.
    Originally posted by Clarkey25a
    A massive loss to the forum
    • Thrugelmir
    • By Thrugelmir 8th Dec 17, 7:28 PM
    • 56,257 Posts
    • 49,626 Thanks
    Thrugelmir
    I have a large amount of money in my house due to the property market in the area I live. And with disclosing to much I have already paid out a lot on setting up the sale and was going to take the rest out of the sale of the house. This move really is life changing for us.
    Originally posted by Amiz1982
    My question was in a sense rheotical. Not expecting actual figures. However the answer you've provided explains the reasoning behind Aldermore's cautious approach.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • ACG
    • By ACG 8th Dec 17, 7:31 PM
    • 15,912 Posts
    • 8,152 Thanks
    ACG
    Without dates on the IVA and DMP it is difficult to say whether or not it is one or both of those, but I doubt it will be going overdrawn that is the issue as they do not have your bank statements.

    That may be a valid reason to decline your application, but they would have asked for bank statements before declining you.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
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