Mortgage success

saverbuyer

Good to see the resident mortgage brokers picking up business using the PM function.

densol_2

saverbuyer wrote: »

Good to see the resident mortgage brokers picking up business using the PM function.

If thats what happened personally I see nothing wrong with that. Ive read these boards for years and learned a lot. Ive had no need to move etc but if I wanted a mortgage there are advisors on here that clearly know exactly what they are talking about and with whom I would trust my business implicitly rather that hit and miss from the yellow pages

Landofwood

Of course I don't have all the details and I apologise for any offence caused.

Aldermore are one of those 'worst case' lenders. If no-one else will accept you, Aldermore will.

A mortgage broker recommending Aldermore is like an Investment advisor recommending an easy-access savings account. Low-risk and it may well be the best solution given the circumstances, but most don't need an advisor to determine this.

csgohan4

saverbuyer wrote: »

Good to see the resident mortgage brokers picking up business using the PM function.

Nothing wrong with using the brokers on here, knowledgeable and again up to you to research them and their company to see if their good enough. No one forced you to PM them and use them.


Or would you rather use a random one on Unbias.co.uk and take a plunge. You see how good they are through their advice and how long they have been on here.


Even the larger ones like L+C have their own problems and their not 100% rated good either.


Disclaimer: I used a broker on MSE as well, got my mortgage no problems, wouldn't hesitate to use again

GMS

Landofwood wrote: »

Of course I don't have all the details and I apologise for any offence caused.

Aldermore are one of those 'worst case' lenders. If no-one else will accept you, Aldermore will.

Surely if nobody else will accept you then Aldermore would be 'the only case' and 'best case' by default?

If there is nowhere else to go how can it be anything other than the correct route is somebody wants to proceed with the purchase?

Easy to try to shoot somebody down but client profiles are not public information.

Landofwood

GMS wrote: »

Surely if nobody else will accept you then Aldermore would be 'the only case' and 'best case' by default?

If there is nowhere else to go how can it be anything other than the correct route is somebody wants to proceed with the purchase?

Easy to try to shoot somebody down but client profiles are not public information.

As I said, it may well be the best solution given the circumstances.

I already apologised.

csgohan4

Although Aldermore doesn't have the best Rep on MSE, it might have been the best for the client's situation. Nothing wrong with that.


Either way, I think Landofwood's comments are being blown out of proportion and I am sure he didn't mean offence.


A lot of us including myself have commented on how high the interest rate is out of observation/curiosity. But it is what it is and is probably the correct course of action for that particular client.


One man's meat is another's man's Poison


I think congrats to the op as it's often hard to get a mortgage and even harder to take a mortgage from you (unless you can't afford).


Welcome to the property ladder and hope it goes well.


Enough of bashing Landofwood and see the good points in the OP's thread. Having obtained a mortgage at all given adverse credit

ACG

I dont see aldermore as a last chance lender.
You could be looking at people like MAgellan or Cheshire - rates of 7-10% and at lower LTVs.

The OP is happy and that really is the main thing.

Landofwood

Maybe I should start another thread on this, but I am interested in what people's expectations of their mortgage advisors are.

I think some people are looking for an advisor to get them the best possible rate, and I think others are looking for an advisor to select a lender that gives them the best chance of being approved. These are not the same thing.

For example, there could be a lender offering 2% and you have a 10% chance of being accepted, and there could be a different lender offering 2.5% and you have a 90% chance of being accepted.

I would expect my mortgage advisor to go for the 2% lender and to use his reputation and influence with the lender, and to package my application in such a way to maximise my chances of being approved.

I suspect that many would prefer to take the slightly higher rate with the better success-rate.

Dave_Ham

Landofwood wrote: »

Maybe I should start another thread on this, but I am interested in what people's expectations of their mortgage advisors are.

I think some people are looking for an advisor to get them the best possible rate, and I think others are looking for an advisor to select a lender that gives them the best chance of being approved. These are not the same thing.

For example, there could be a lender offering 2% and you have a 10% chance of being accepted, and there could be a different lender offering 2.5% and you have a 90% chance of being accepted.

I would expect my mortgage advisor to go for the 2% lender and to use his reputation and influence with the lender, and to package my application in such a way to maximise my chances of being approved.

I suspect that many would prefer to take the slightly higher rate with the better success-rate.

And this is a valid point (not regarding OP)

Generally we say often to clients, the experience of the broker will determine the terms achieved. Pay an experienced broker £x which is higher than average, but will save you £y which is much more than the fee cost in achieving it.

That said, the kicker here is probably the 95% product within current DMP as options will be limited