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Aldemore - banking for the bold...


spygirl

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27 minutes ago, spygirl said:

Just seen this pitch on a webad

Wow.

Zish Khan, Interim Chief Operating Officer

 

Whenever I see the word 'INTERIM' on a major risk/operations role in a financial company, my ears prick up...

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1 minute ago, wherebee said:

Zish Khan, Interim Chief Operating Officer

 

Whenever I see the word 'INTERIM' on a major risk/operations role in a financial company, my ears prick up...

https://www.bloomberg.com/research/stocks/private/person.asp?personId=592560132&privcapId=52287824&previousCapId=278261725&previousTitle=Aldermore Group PLC

 

Now, I can see that there was a Zish Khan who was a SVP at Bank of America - a pretty junior role.  Same country/city location in the UK.  

 

Hmmmmm....

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UnconventionalWisdom

They are not trying to cover up that you need to underestimate the dangers and risk if you are to bank with them. 

This is from 2015 but huge exposure to btl

 

screen_shot_2015-12-02_at_11_06_16.png

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An ideal bank for the avocado toast 5-sec-attention-span superficial 20-somethings who... OOOH SOMETHING SHINY! ME LIKEY!

For them a bank is that silly app that makes your phone buzz when you tap it on the checkout in Pret.

This ad reminds me of all the powerpoint presentations I have to endure whenever we have any kind of "vision showcase", "team huddle" or some other bullshit corpo team exercise. Animate the shit out of all the things and you're up for promotion.

Give 'em the ol' razzle-dazzle...

Or should it go to the rant thread?

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16 hours ago, UnconventionalWisdom said:

They are not trying to cover up that you need to underestimate the dangers and risk if you are to bank with them. 

This is from 2015 but huge exposure to btl

 

screen_shot_2015-12-02_at_11_06_16.png

They've ignored some of the smaller BS's.Amazing chart though.

 

Hinkley &Rugby ,BTL is 21% of overall loan book BUT......crucially 29% of new laons(£57mn/193mn 2017). expanded mortgage book 15% in 2017

https://www.hrbs.co.uk/wp-content/uploads/2018/02/21815-HinckleyRugby-AR17_web.pdf

 

 

Hinkley & Rugby lending to portfolio LL's ...to help theri members out of course.

https://www.landlordtoday.co.uk/breaking-news/2018/7/hinckley--and--rugby-extends-btl-deals-to-portfolio-landlords

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On 23/12/2018 at 22:35, UnconventionalWisdom said:

They are not trying to cover up that you need to underestimate the dangers and risk if you are to bank with them. 

This is from 2015 but huge exposure to btl

 

screen_shot_2015-12-02_at_11_06_16.png

The numbers for Yorkshure BS ignore its other specialist property lending, namely holiday lets.

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  • 2 months later...
On 23/12/2018 at 17:35, UnconventionalWisdom said:

They are not trying to cover up that you need to underestimate the dangers and risk if you are to bank with them. 

This is from 2015 but huge exposure to btl

 

screen_shot_2015-12-02_at_11_06_16.png

It's worth noting that two major institutions that came through the crash pretty much unscathed (HSBC & Santander) are either not on that list or right at the bottom of it.

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Bobthebuilder

No wonder the few at the top of that list have the highest interest paying saving accounts.

Must admit guilty here, Paragon have a wedge of mine until September, maybe i might get it back???????

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Castlevania

Aldermore don’t seem to offer interest only buy to let mortgages, and have a maximum mortgage term of 35 years. That seems strangely conservative to me.

Or did interest only mortgages on buy to let get binned when I wasn’t paying attention?

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I just moved £85k from business in to their business current account because they have a 1% interest rate.

 

assume I’ve nothing to worry about because of FCFS?

 

sam 

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3 minutes ago, sam1994 said:

I just moved £85k from business in to their business current account because they have a 1% interest rate.

 

assume I’ve nothing to worry about because of FCFS?

 

sam 

In the even of the worst happening your capital will be safe enough.  Your cash-flow won't be.

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13 minutes ago, sam1994 said:

I just moved £85k from business in to their business current account because they have a 1% interest rate.

 

assume I’ve nothing to worry about because of FCFS?

 

sam 

Losing 2% a year against inflation still, personally not convinced it's worth the risk. My business savings are with Barclays and HSBC, paying about half that, but I sleep easier at night.

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2 hours ago, dgul said:

In the even of the worst happening your capital will be safe enough.  Your cash-flow won't be.

Currently I have majority of cash savings in Barclays.They lost all of my foreign currency account statements in 2016, which caused me to have a late tax return. HMRC accepted this as a reasonable excuse and refunded fines; as did Companies House. 

When my USD account completely disappeared for 4 months I was shitting myself. Apparently my balance had to be recovered from a tape backup. So I've split out £85k across several business institutions, going for best interest rates where possible. 

Barclays gives me a 'too big to fail' vibe

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On 25/12/2018 at 13:30, Option5 said:

Bank of Ireland (UK) are also the Post Office bank for all the people who can't get banking elsewhere.

 

Post office current accounts are all being closed, Bank of Ireland have pulled the plug on them.

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6 hours ago, sam1994 said:

Currently I have majority of cash savings in Barclays.They lost all of my foreign currency account statements in 2016, which caused me to have a late tax return. HMRC accepted this as a reasonable excuse and refunded fines; as did Companies House. 

When my USD account completely disappeared for 4 months I was shitting myself. Apparently my balance had to be recovered from a tape backup. So I've split out £85k across several business institutions, going for best interest rates where possible. 

Barclays gives me a 'too big to fail' vibe

Move to HSBC.

 

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