Aldermore - chances of getting a mortgage?

mazzyp

We're asking to borrow £313,000 on a 30 year deal.

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. Husband's credit score is in the 900's.

My pension got messed about a few years ago when they changed from final salary to salary average which is annoying because I'm earning £10k more than what my pension is based on. My current projection is £18k, husbands is around the same.

We've had to provide bank statements, credit reports, P60's, pension forecast, proof of deposit funds, marriage certificate etc & now have to wait 10 days to see whether then will approve us or not.

As you can gather from the tone of my posts, I'm starting to loose faith very fast! I just can't see us getting through!

ACG

I do not really like to slate other brokers off (or people in general), but I would potentially have an initial chat with another broker.

I could be completely wrong as I am working on limited information but I genuinely think your broker is letting you down.

mazzyp

If this all falls through then we'll leave it a few months & speak to a different broker as I've got two searches on my credit file, I can't really afford to have a third right now. What frustrates me is that we can afford the repayments, have got 5% plus stamp duty & fees. Two weeks ago we were dancing round the room ready to go. Now it just feels like a waste of time tbh.

ACG

Im not saying Aldermore will reject you. I genuinely have no idea if they will or not. I can only assume the broker has checked everything before applying (ie the use of pension income). If that is the case, there is nothing to worry about.

I have been in to the Aldermore offices a few times and met up with some of the underwriters, case processors etc and everyone is really nice.

Richey_

Do Aldermore even offer 95% without their family guarantee scheme which I assume is like the Barclays scheme.

I was curious how much more their rates would be so I went on their website.
Their maximum loan to value for most products is 80% except with this family guarantee scheme

http://www.aldermore.co.uk/personal/residential-mortgages/fixed-rate-mortgages/

ACG

Page 2 - http://www.aldermore.co.uk/media/3692/residential-mortgages-product-guide.pdf

mazzyp

We've already got an agreement in principle with them so I'm guessing our broker has gone through all this.

We've been contacted by our lawyers this morning wanting to do the searches. I'm reluctant to pay out any more money until we get our decision from Aldermore and am getting very stressed by the whole not knowing, I don't know if we can delay another 7-10 days

Monkey2801

mazzyp wrote: »

We've already got an agreement in principle with them so I'm guessing our broker has gone through all this.

We've been contacted by our lawyers this morning wanting to do the searches. I'm reluctant to pay out any more money until we get our decision from Aldermore and am getting very stressed by the whole not knowing, I don't know if we can delay another 7-10 days

We're in the same boat as you Mazzyp, we knew we would need to go to Aldermore as we have historic credit defaults, received AIP on Thursday, full app went in on Friday and according to my broker they're currently working on a 6 day turnaround time for underwriting, so we won't hear anything until next Tuesday (due to bank hol)


Fingers crossed for us both!!

ACG

Having defaults does not necessarily mean adverse lenders anymore.
My business is based on those with adverse, that is the business I actively go after, I have used adverse lenders on less than 30% of my adverse cases this year. The other 70% have been placed on the high street.

It really does frustrate me when brokers are lazy or take a job on not knowing that part of the market very well. I avoid HTB/Shared ownership because I dont have a clue, there is no shame in admitting you are not the best person for the job.

Rant over.

mazzyp

Monkey2801 I think our timelines are exactly the same lol! We were told yesterday they are dealing with a backlog & we might not hear anything for upto 10 days! I'm not a very patient person anyways and this wait is killing me!