Aldermore - chances of getting a mortgage?

mazzyp

Hi there, so following on from my previous post on this thread, after getting our agreement in principle from Santander they turned us down for a mortgage so our broker has suggested Aldermore.

We were given an agreement in principle on Friday and send all docs over saturday morning including our P60's. I've noticed this morning they've taken £580 from my account.

I have a 830 credit score and a few missed payments on my file, 1 5 months ago for £5 ( I had no idea I had a payment to make, as soon as I did it was paid!) 1 7 months ago and a few over a year ago, all catelogues and the accounts are balance £0 and have been closed.. Currently the only credit I have is my credit card which I clear the balance every month.

Are we likely to be turned down by Aldermore as well? Our broker has advised it could take upto two weeks before we hear anything and the wait is going to drive us mad!!! I have learned my lessons and am anticipating the worst

amnblog

Aldermore are a million miles away from Santander in terms of acceptable of credit issues.


If what you suggest above is the only credit issue I would be amazed if that was the cause of any decline.

mazzyp

Thank you. The whole situation is soo stressful, I have severe money problems years ago and worked hard to reduce my debt down and am finally debt free, bar £700 on my credit card which will be paid on 15th June (payday) but never thought having these missed payments on my file would mess up my chance of buying a house. I'm soo nervous and won't even think about the new house until I hear. These two weeks are going to be the slowest EVER!!!!

ACG

Wow! That is one hell of a jump.
A lender who is pretty fussy with decent rates to the complete opposite end of the market in one swoop?

If they have taken the val fee from you then a full application is already in - which is pretty poor from your broker as they should have had your agreement before making a full application.

How much is the purchase price and deposit amount?

I think Aldermore will accept you, but I also think you are paying massively more than you should be and by making a full application your broker has potentially harmed you getting a normal lender onboard as that is now 2 credit checks in a short space of time.

mazzyp

ACG I really hope so. So here' s the other sticking point, we only have 5% deposit. Everything is telling me this just isn't meant to be. Soo annoying as we can afford the repayments, but we just struggle to save!

ACG

I do not think you have the best broker on the case for you, but I suppose if you end up with the keys in 2-3 months time, you will be happy. That is the main thing I suppose.

But it does make me think of the phrase using a sledgehammer to crack a nut.

mazzyp

Thank you, I'm just nervous that they will say no too. Anyone have any experience of that?

mazzyp

Hiya, quick update, they've asked for copies of our pension forecast as its a 30 year mortgage and we're both in our late 30's. Its not looking good is it?

Rileybaby

Mazzyp I can't for the life of me work out why you have ended up with Aldermkre as you will be paying very high rates rather than a main stream lender. If I were you I'd sack your broker and go to a decent all of market broker ;if you can't do it yourself) I'm not a broker but I'm sure you'd be accepted on the high street!

mazzyp

in fairness to our broker, I think he is trying to get us the best deal given our difficult circumstances. The mainstream lenders probably won't lend to us given my bad credit history & us needing a 95% LTV.

ACG

You do not have bad credit. You have 2 late payments in 6 years.

What is your projected income on the pension?
How much are you applying for?