Anyone had a mortgage from Aldermore ???

learnerlawyer

Hi

I've read on a previous thread that Aldermore banks lending criteria is slightly moe flexible for those seeking a mortgage with a poor credit history :j BUT

they will only need accept applications through a broker

I can't seem to find a broker via Aldermore website - any suggestions as to where I can find a broker who is will approach Aldermore or where I can source a reputable broker who specialises in mortgages for those with a poor credit record ??????????????

Many Thanks

GMS

Not all brokers have access to Aldermore. You would need a 'Whole of Market' broker.

How poor is your credit record?

Senior_Paper_Monitor

Aldermore only distribute through certain packagers and networks (but most 'whole of market' brokers should have access one way or another).

Aldermore do not 'credit score' but should not be considered an 'adverse' company in any way - and they are fairly restrictive on LTV.

learnerlawyer

Hi

thanks for the prompt replies

My credit score isn't too bad but in early 2008 we had some mortgage arrears due to 3 missed payments after a serious accident.
We agreed to pay these off at £100 per month for 6 months then capitalised them in Oct 2008. This is now registered as a special arrangement on my credit record which the main stream lenders won't accept.
To complicate matters further my husband has a default thats five years old (paid in full) but again this is proving to be a problem.

We are looking to borrow £168K - £100 remortgage and £68K to build a very large and much needed extension but our property is worth £225k now.

Having looked at Aldermores lending criteria we fit the bill - no defaults/CCJs in the last 3 years and no missed payments in the last 2 years - we are actually overpaying to reflect the amount that a new mortgage for £168k would be. LTV by my maths works out at 80% so I'm very hopeful but just need a broker !!!

Senior_Paper_Monitor

Personal opinion 50/50 as whether Aldermore will accept (but certainly a chance).

GMS

learnerlawyer wrote: »

Hi

thanks for the prompt replies

My credit score isn't too bad but in early 2008 we had some mortgage arrears due to 3 missed payments after a serious accident.
We agreed to pay these off at £100 per month for 6 months then capitalised them in Oct 2008. This is now registered as a special arrangement on my credit record which the main stream lenders won't accept.
To complicate matters further my husband has a default thats five years old (paid in full) but again this is proving to be a problem.

We are looking to borrow £168K - £100 remortgage and £68K to build a very large and much needed extension but our property is worth £225k now.

Having looked at Aldermores lending criteria we fit the bill - no defaults/CCJs in the last 3 years and no missed payments in the last 2 years - we are actually overpaying to reflect the amount that a new mortgage for £168k would be. LTV by my maths works out at 80% so I'm very hopeful but just need a broker !!!

Have you checked affordability?
I have access to Aldermore and more and more brokers are joining their panel

learnerlawyer

What does affordability mean ? Is that our earnings ? Our profits are about £60k

GMS

learnerlawyer wrote: »

What does affordability mean ? Is that our earnings ? Our profits are about £60k

Aldermore are pretty strict on affordability. Not as generous with loan amounts as some other lenders.

You need to speak to a broker to check you would fit for Aldermore.

learnerlawyer

Ok thank you - other lenders have indicated affordability isn't a problem - we have no debts or large commitments ie credit cards or loans other than our mortgage. I live in hope !!!

Senior_Paper_Monitor

OOOps ! Profits ? As in self-employed ?

Not necessarily a problem - but bring a further factor into the equation.

From Aldermore criteria: Self employed[FONT=Helvetica 45 Light,Helvetica 45 Light][FONT=Helvetica 45 Light,Helvetica 45 Light][FONT=Helvetica 45 Light,Helvetica 45 Light]• Minimum trading period 2 years• Certified accounts covering the last 2 years[/FONT][/FONT][/FONT]

Find yourself a broker and sit down with them together with all your documents.[FONT=Helvetica 45 Light,Helvetica 45 Light][FONT=Helvetica 45 Light,Helvetica 45 Light][FONT=Helvetica 45 Light,Helvetica 45 Light]
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learnerlawyer

Yes I no this throws another problem into the equation but we've been trading over 10 years and have certified accounts for last 8 years.

Managed to find a broker who has also mentioned a company called Kensington ?

Personally I've never heard of them but he thinks they may be a good bet although the rate may be higher 5.99% this isn't a concern in the short term as the value of the property after building the extension will increase considerably more than the money it will cost to build.