The bank, who will launch a residential and buy-to-let mortgage range in Q2 2010, believes that many banks are using high credit scores to control business volumes.
In the same way as Kensington, it will not rely on automated credit scoring systems. It will consider a wide range of factors which usually cause creditworthy applicants to fail credit scores.
These factors may include a recent home or job move, satisfactorily resolved minor historic credit issues, self-employment and applicants living temporarily in rented accommodation, after selling their previous home.
Colin Snowdon, chief executive, residential mortgages at Aldermore said: “Thousands of perfectly creditworthy borrowers are being denied access to the mortgage market by lenders who rely on credit scoring and refuse to consider cases which fall outside the norm.
“Take, for example, an application from a self-employed person with income being generated via multiple sources. If the income can be proven or verified by an accountant, that’s fine with us.”
