We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
100% mortgage - Aldermore Bank
gingermango
Posts: 57 Forumite
I am looking for any advice on the above mortgage. Has anyone used Aldermore bank for this mortgage? My husband and I both work full time but my credit rating isnt great, hubbys is perfect, his parents have agreed to guarantee a mortgage so we dont have to save for years for a deposit, their own mortgage is nearly paid off and they are financially well off with perfect credit limits, is a 100% guarantee mortgage our best option?
Any advice is appreciated as we are meeting with a mortgage advisor tomorrow but wanted to know a little first.
Any advice is appreciated as we are meeting with a mortgage advisor tomorrow but wanted to know a little first.
I spent last year hunting for a battery operated hamster! I wonder what elusive gift this christmas will bring :eek:
0
Comments
-
If you have no deposit, it looks like your only option.
LLoyds offer a similar facility, as does Tipton & Coseley BS, although if you have credit problems I don't know what your chances would be with them.
Your in-laws are putting their home on the line. I wouldn't do it, personally. I'd find the cash to lend/gift you a deposit instead.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.0 -
So the credit checks would still be done on us alone and not our parents? They understand they would have a charge put on their house for 25% of the mortgage value but how easy is one of these mortgages to get?
If they were to lend us the deposit I think we would still struggle as my credit isnt great?I spent last year hunting for a battery operated hamster! I wonder what elusive gift this christmas will bring :eek:0 -
Aldemore will only lend on this basis if the applicants are "squeaky clean" in the credit department, and that was their words when I last spoke to them and not mine !0
-
Thanks, We will speak to the advisor tomorrow. Hopefully they will find some way of us buying the house, maybe we will have to have it in just my husbands name as his credit is squeaky cleanI spent last year hunting for a battery operated hamster! I wonder what elusive gift this christmas will bring :eek:0
-
Do you have any joint accounts with your husband?
If you do you will/may be financially linked. This could get questioned by Aldermore.I am a Mortgage AdviserYou 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.0 -
Yes we have a joint current account but we never actually used it we just kept our individual current accounts when we got married?
Our other option is possibly the 100% (85 mortgage/ 15 loan) through santander as we both have current accounts that are perfectly run with them?I spent last year hunting for a battery operated hamster! I wonder what elusive gift this christmas will bring :eek:0 -
i dont think santander are going to jumo at the chance to give you a loan for a deposit and then a mortgage!0
-
i dont think santander are going to jumo at the chance to give you a loan for a deposit and then a mortgage!
I wouldnt have thought so either but its a new product they are offering and the lady I spoke to in my local branch said they use their inhouse credit scoring for customers who have been with them for over so many years and mine is quite high with them?
However I honestly dont know until I have spoken to the advisor/bank, just hope there is someway as its gonna be another 3 years before the default on my account is gone
Thanks for all the responses though guys,I spent last year hunting for a battery operated hamster! I wonder what elusive gift this christmas will bring :eek:0
This discussion has been closed.
Categories
- All Categories
- 346.6K Banking & Borrowing
- 251.3K Reduce Debt & Boost Income
- 451.4K Spending & Discounts
- 238.8K Work, Benefits & Business
- 614.2K Mortgages, Homes & Bills
- 174.7K Life & Family
- 252K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards