Aldermore mortgages - any experience?

quichelorraine

Hi Everyone,

First time panicky buyer here needing some advice/reassurance. My partner and I have been saving hard for the last few years, and have finally saved up enough deposit for a flat which we like. Offer made and accepted, and we thought getting a mortgage would be easy.....how wrong we were.

Flat is £123,000 and we have a 25% deposit, our joint basic salary works out at a multiple less than 3 and with our average commission it is around 2. We did have one issue though, in that my partner had a default from just over 3 years ago which was settled in March 2011, or so we thought. Basically when T-mobile sold the debt on to Lowell's for some reason this wasn't properly registered with T-mobile, and so on his Equifax credit report there are 2 entries, one from Lowell's showing the account was settled, and one from T-mobile which is still showing as defaulted and not settled/satisfied.

Long story short, T-mobile are investigating but this is taking ages. We applied for a mortgage with Leeds and Coventry, and were rejected by both. The error doesn't show on his Experian report which we checked, but does on his Equifax one, which sadly both Leeds and Coventry used.

Rather than wait to have the issue resolved our broker found us a mortgage with Aldermore, rate isn't as good, but apparently they don't rely on credit reports and scores. Applied in principal yesterday and got approved, so have gone for full application.

Because of all the issues though I am really panicking and stressed that we will get rejected once again. I have done some research and I think that Aldermore use Experian, is this correct? Also, has anyone dealt with Aldermore for mortgages? How long does an application usually take, what extra info will they ask for?

Like I say, advice/reassurance most welcome!

ACG

Ive heard of them, never used them. Theyre used for people with a less than perfect record. Never heard anything bad about them so they cant be that bad.

There are a couple of other companies that dont credit score, but if your broker has found you this lender then i would presume its probably the best rate with your circumstances. Hes being paid to do a job, trust him that hes doing it correctly :P

quichelorraine

Thanks for the reassurance. OK good news, they are ready to go ahead with the valuation. How much can I take this as a good sign and that we are a step closer to being approved?

Dave_Ham

Sorry missed post first time around.

I use Aldermore and quite like them as they are quite straightforward to deal with. They are not the quickest in the world, although at this point they would have already looked through your case and therefore are comfortable to progress to valuation.

Unless something out of the ordinary appears, would expect this to now go quite comfortably..

quichelorraine

Thanks Dave. Not trying to get my hopes up too much. Just heard the valuation is booked for Monday. In your experience with Aldermore, how long after the valuation can we expect to wait (roughly) before we get an offer?

Dave_Ham

It is different each time, but 7 days is an average I would say.

That said I have a relationship manager with them and he can always check in for me and sure your broker will have similar...

Fingers crossed..

quichelorraine

Just a quick update - received the mortgage offer just now - thank god that stress is over! Now onto the stress of moving the solicitor along and then the stress of moving!

Dave_Ham

Great news - I am quick to criticise other mortgage brokers on here when they are not working in the client interest, but fair play to your broker..

They were aware of Aldermore and whilst they do not underwrite quickly, it was a good selection and typically on a fair rate.

Fingers crossed everything else goes smoothly....



Dave

quichelorraine

Thanks Dave, to be honest my broker is one of my best mates - so he had to work in our interests really! Plus he did it for us for a much smaller fee than usual. Yes, fingers crossed the rest goes smoothly now.