Poor credit mortgage help

Superlee86

Hello all,
I have a question for the experts, I have poor credit, defaults registered in 2017, but all has been cleared as of April last year. I am now in a position where I want to be my first house and have roughly £35,000 saved and I am looking at. 10% deposit.i have spoken to a poor credit broker and he said as my defaults were still showing last year, I will need a 15-20% deposit. I was under the illusion, that it was the default registered date (2017) that they would use as opposed to the date when it was showing. I was hoping to use aldermore as they are now offering 10% deals but I am being advised that I need to wait 6 months and raise a bigger deposit.
Is my advisor correct? Or should I approach someone else? 
Thanks for reading.

ACG

Aldermore are bit of an anomaly in the adverse world.
They say they can do things and they can. But they credit score and their underwriters have discretion to decline cases even if they fit criteria, affordability and pass the credit check.  I stopped using them about 2 years ago because it was just embarrassing to submit cases where everything fits only to get a decline. 

As your options are limited to Aldermore you have nothing to lose by trying them, but I know I would not be prepared to give them a chance at the minute. If they were bad 2 years ago I cant imagine them being any better in the current climate. 

lspell1

It's worth a decision in principle with Aldermore, if 10% is your max deposit. Have they not tried them?
Worth bearing in mind at the moment, that Aldermore are kind of making it up as they go. You may fit criteria and affordability, but once an underwriter has the case referred to them, they may still decline or dramitcally reduce the amount you can borrow

MFWannabe

Is it a problem waiting and raising more of a deposit? Sounds like you’d have more of a chance of getting a mortgage 

Superlee86

Thanks for the replys, I guess waiting is not the end of the world, I was just hoping that my defaults would be considered from 3 years ago, as opposed to last year. Looks like another 6 months of limited spending! At least lockdown limits this.