Aldermore or Kensington.

LMJ10

We have been placed with Aldermore after going back and forth for a few months waiting to put an application in. A house fell thru so we are back to waiting on the right house to appear. Anyway I’ve been doing some research on the lender that I have been placed with and who my MA will put the application in with. 

First it was Kensington and now it’s Aldermore. 

I am on a DMP ( which will be paid off with equity) and looking for 90% LTV I fit Aldermore’s criteria with dates and defaults etc.   

Kensington was another option and my MA said a few months ago that they would consider us but Aldermore have better rates, I wondered why Kensington would consider us because my missed mortgage payments are about 30 months old and they said ‘ any secured missed payments’ need to be 36 months old, but my MA said not to worry about that and they’d consider us. However I saw they had brought their 95% product out and I asked if we would be eligible but was told no! But was told possibly for 10% a few months back, I’m sure my MA is very experienced but feel I keep getting told yes/no/yes/no. 

I’m now looking at Aldermores criteria and their website basically says credit impaired they’ll lend up to 80% so I’m wondering why I’ve been put with them. But also fit their HTV criteria ( but have a DMP) but my credit score isn’t great. 

Should I push to go to Kensington? We have the DIP with Aldermore for 90% but no footprint or any searches on our files? 

I’m just worried we will go thru all the application and get a straight No! Which I’m expecting. 

Can anyone help? 

Jen271626

I'm surprised that either would consider you for a 90%ltv with a dmp and history of missed payments within 36 months. Id go on to the lending criteria for yourself and check that out. Usually the specialist lenders want a higher deposit. 

LMJ10

This was my thinking, but I have had a DIP! I know that’s not a guarantee. Just don’t want to waste my time, and that’s why I’ve gone to a Mortgage broker. 

Tape

Both offer up to 90% with credit impairments, or did within the last month- I've had DIPs from both too. I guess DMP's aren't treated as severely as they do show the money gets paid back. 

For the DIP to be issued, the broker would have ticked the boxes to show your debt history, so as long as you have been honest with the broker in theory they have both agreed to lend to someone in your situation. 

LMJ10

Tape said:

Both offer up to 90% with credit impairments, or did within the last month- I've had DIPs from both too. I guess DMP's aren't treated as severely as they do show the money gets paid back. 

For the DIP to be issued, the broker would have ticked the boxes to show your debt history, so as long as you have been honest with the broker in theory they have both agreed to lend to someone in your situation. 

Yes he knows everything, has all my credit reports etc.. 

lonibra

If I may be so bold, I would suggest that you are going about this the wrong way.

Your mortgage are requirements are clearly non standard so you either need to trust your MB to get you what you need or find another MB that you trust.

Unless your MB takes a large fee on application, there's no good reason for them to put in an application with a bank that doesn't stand a good chance of success. With banks like Aldermore and Kensington, the MB talks to them in detail about the application before submitting it.