Will we get approved by Aldemore?
Comments
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It wont pass the DIP if it does not fit criteria... Your broker sounds like they are throwing your application around hoping it will be accepted somewhere. Aldermores criteria is black and white, they have not really been a flexible lender for maybe 5 years.
What is the LTV?
What is the highest number of arrears? ie 2 months late payments on the trot would be a "2", where as a late payment, caught up and then late again would be 1 and 1 - if that makes sense.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.1 -
LTH93 said:So we’ve had an offer accepted on a property however two high street banks have declined us due to my partners bad credit record. He’s had a few missed payments this year so our mortgage advisor is trying Aldemore. I’ve been researching and read that one of their requirements is no missed payments in the last 3 months and only 1 missed payment in 1 year. My partner has missed 6 payments in the past year for silly reasons!! What are the chances of us getting approved by Aldemore and are there any other lenders we could try?I personally hate it when brokers try the lets-see-what-sticks approach as it defeats the whole purpose of using a broker and gives the rest of us a bad name. Hopefully the "declines" you mention refer to soft-footprint DIPs rather than full applications.
I am a Mortgage Adviser - 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.
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ACG said:It wont pass the DIP if it does not fit criteria... Your broker sounds like they are throwing your application around hoping it will be accepted somewhere. Aldermores criteria is black and white, they have not really been a flexible lender for maybe 5 years.
What is the LTV?
What is the highest number of arrears? ie 2 months late payments on the trot would be a "2", where as a late payment, caught up and then late again would be 1 and 1 - if that makes sense.
he missed 4 payments because he decided to put the money towards paying off another loan..
what about Kensington? I’ve read they’re a bit more flexible0 -
K_S said:LTH93 said:So we’ve had an offer accepted on a property however two high street banks have declined us due to my partners bad credit record. He’s had a few missed payments this year so our mortgage advisor is trying Aldemore. I’ve been researching and read that one of their requirements is no missed payments in the last 3 months and only 1 missed payment in 1 year. My partner has missed 6 payments in the past year for silly reasons!! What are the chances of us getting approved by Aldemore and are there any other lenders we could try?I personally hate it when brokers try the lets-see-what-sticks approach as it defeats the whole purpose of using a broker and gives the rest of us a bad name. Hopefully the "declines" you mention refer to soft-footprint DIPs rather than full applications.0
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LTH93 said:ACG said:It wont pass the DIP if it does not fit criteria... Your broker sounds like they are throwing your application around hoping it will be accepted somewhere. Aldermores criteria is black and white, they have not really been a flexible lender for maybe 5 years.
What is the LTV?
What is the highest number of arrears? ie 2 months late payments on the trot would be a "2", where as a late payment, caught up and then late again would be 1 and 1 - if that makes sense.
he missed 4 payments because he decided to put the money towards paying off another loan..
what about Kensington? I’ve read they’re a bit more flexible"You've been reading SOS when it's just your clock reading 5:05 "2 -
LTH93 said:ACG said:It wont pass the DIP if it does not fit criteria... Your broker sounds like they are throwing your application around hoping it will be accepted somewhere. Aldermores criteria is black and white, they have not really been a flexible lender for maybe 5 years.
What is the LTV?
What is the highest number of arrears? ie 2 months late payments on the trot would be a "2", where as a late payment, caught up and then late again would be 1 and 1 - if that makes sense.
he missed 4 payments because he decided to put the money towards paying off another loan..
what about Kensington? I’ve read they’re a bit more flexibleWith all due respect, imho you are going about this the whole wrong way. You did the right thing by using a broker but -- If your broker has already returned multiple high street DIP declines and is trying with another lender even though it clearly doesn't fit criteria, you need to find another broker that specialises in adverse cases.- I would strongly discourage you from just trying adverse lenders at random, with the circumstances you described it's very very unlikely you'll just chance upon the right oneIn your place I would consider waiting till I have at leasy 12 months of clean credit history and then reassess, but that's just my general opinion.I wish you all the best!I am a Mortgage Adviser - 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.
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K_S said:LTH93 said:ACG said:It wont pass the DIP if it does not fit criteria... Your broker sounds like they are throwing your application around hoping it will be accepted somewhere. Aldermores criteria is black and white, they have not really been a flexible lender for maybe 5 years.
What is the LTV?
What is the highest number of arrears? ie 2 months late payments on the trot would be a "2", where as a late payment, caught up and then late again would be 1 and 1 - if that makes sense.
he missed 4 payments because he decided to put the money towards paying off another loan..
what about Kensington? I’ve read they’re a bit more flexibleWith all due respect, imho you are going about this the whole wrong way. You did the right thing by using a broker but -- If your broker has already returned multiple high street DIP declines and is trying with another lender even though it clearly doesn't fit criteria, you need to find another broker that specialises in adverse cases.- I would strongly discourage you from just trying adverse lenders at random, with the circumstances you described it's very very unlikely you'll just chance upon the right oneIn your place I would consider waiting till I have at leasy 12 months of clean credit history and then reassess, but that's just my general opinion.I wish you all the best!Guess we will have to wait another year.
Thanks for the advice!0
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