Aldermore Lending Criteria

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Ginga16
Ginga16 Posts: 21 Forumite
in Mortgages & endowments
Hi
Looking for some help......
Myself and husband have been paying off all our debt through a DPP since June 2014 we have 1 year left on it and around £10k outstanding. Currently looking to perhaps sell our current property for 160k and use £70k equity to pay this off and use remainder as deposit for new home.
Been in touch with Aldermore today who have no issues with affordability but I was advised by a mortgage broker recently that Aldermore wouldn't entertain us as not all our creditors have defaulted our accounts even though we are paying them through DPP and have never missed a payment on this.
I've been in touch with the creditors mentioned to ask if they will update our credit file bit they have advised us that their policy is not to default an account while payments are being made as per DPP.
Aldermore agent today was unsure on this and has passed it to be looked into by a colleague.
I was wondering if anyone has any experience of similar situation and what the outcome was???
Really hoping they can help is in some way.
TIA

Comments

  • ACG
    ACG Posts: 23,756 Forumite
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    What is a DPP? Do you mean a DMP?
    We do a lot of adverse but never come across a DPP before.

    With the size of deposit you have, I think there would be better options than Aldermore out there - assuming you mean DMP or Arrangement to Pay.
    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.
  • Ginga16
    Ginga16 Posts: 21 Forumite
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    A DPP is a Scottish based debt arrangement scheme which is backed by Scottish government.
    It's similar to DMP but has more legal backing. Our deposit would be around 40k with a mortgage of 220k.
  • ACG
    ACG Posts: 23,756 Forumite
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    Ah, your one of THOSE people north of the border with your strange ways :P

    Being in Scotland your choice of lenders is also a little limited. Im afraid I am not much help in this case as it is something I have not come across before.
    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.
  • Ginga16
    Ginga16 Posts: 21 Forumite
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    🤣🤣🤣
    Can you advise re Aldermore Lending criteria??? They didn't seem to think DPP was issue but it's more a case of how they treat Arrangement to Pay marker over defaults????
  • MovingForwards
    MovingForwards Posts: 16,965 Forumite
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    ACG wrote: »
    Ah, your one of THOSE people north of the border with your strange ways :P

    Being in Scotland your choice of lenders is also a little limited. Im afraid I am not much help in this case as it is something I have not come across before.

    It's under the DAS banner ;) just in case you ever come across it again!
    Mortgage started 2020, aiming to clear it in 2026.
  • ACG
    ACG Posts: 23,756 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
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    Ginga16 wrote: »
    🤣🤣🤣
    Can you advise re Aldermore Lending criteria??? They didn't seem to think DPP was issue but it's more a case of how they treat Arrangement to Pay marker over defaults????
    No idea, I could probably have a guess but I think you are best waiting the official answer and updating us - it is always helpful to learn something new.
    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.
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