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Aldermore - are they ok?

I see theyve only been in biz since 2009..... i guess we'd be protected though if they did a 'northern rock'?

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Protected against what? If you take a mortgage with them you have their money!

    As long as you stick to the terms of the mortgage then you are not at risk in any way, whether Aldermore still trade or not.

    If you lent them money and they went 'Northern Rock' then you could worry, but not the other way around.
    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.
  • antrobus
    antrobus Posts: 17,386 Forumite
    See here for some info:

    http://www.thisismoney.co.uk/money/saving/article-1678425/Aldermore-The-new-bank-with-5-savings.html

    Aldermore Bank plc is basically a start-up. They did lose money last year, but are now apparently at break even. More importantly perhaps, as at 31 December 2010 they had a capital adequacy ratio of 116.4%, which (quite possibly) makes them the safest bank in the country. Or at least the safest bank that isn't owned by the government.
  • Aldermore are very good, easy to deal with and they are often featured in various newspapers as best buys for savings, mortgages etc. have done a few cases with them and they were great to deal with.
    I am a Mortgage Advisor. You should note that this site does not 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 shouldnt be seen as financial advice.

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