Aldermore Adjust Rates on Mortgages

Aldermore bank has today introduced substantial changes to its buy to let proposition, reducing rates and introducing new products and fee options. The expanded product choice will allow landlords, from a first time investor to a seasoned landlord looking to expand their property portfolio, find a mortgage that’s right for them.

Available immediately:

New and reduced products for individual landlords with single residential properties:

• Up to80 per cent loan-to-value (LTV):
  • 2 year fixed initial rate 3.88 per cent with a 1.50 per cent product fee
  • 5 year fixed initial rate 3.98 per cent with a 1.50 per cent product fee

• Up to75 per cent LTV:
  • 5 year fixed initial rate 3.48 per cent (reducedby 0.30 per cent), with a 1.50 per cent product fee

New and reduced products for company landlords with single residential properties:

• Up to80 per cent LTV:
  • 2 year fixed 3.88 per cent with a 1.50 per cent product fee
  • 2 year fixed 3.98 per cent, with a £1,999 product fee
  • 5 year fixed 3.98 per cent with a 1.50 per cent product fee
  • 5 year fixed 4.08 per cent with a £1,999 product fee
  • 5 year fixed 4.28 per cent with zero product fee

• Up to75 per cent LTV:
  • 2 year fixed 3.48 per cent with a £1,999 product fee
  • 5 year fixed 3.48 per cent (reducedby 0.30 per cent) with a 1.50 per cent product fee
  • 5 year fixed 3.58 per cent with a £1,999 product fee
  • 5 year fixed 3.78 per cent with zero product fee

New and reduced products for multi property with single residential properties:

• Up to75 per cent LTV:
  • 5 year fixed 3.28 per cent (reducedby 0.30 per cent) with a 1.50 per cent product fee
  • 5 year fixed 3.58 per cent with zero product fee

New products launched for individual and company landlords with HMOs up to 6 bedrooms and multi unit freehold up to 6 units:

• Up to75 per cent LTV:
  • 2 year fixed 3.88 per cent with a 1.50 per cent product fee
  • 2 year fixed 3.98 per cent with a £1,999 product fee
  • 5 year fixed 3.98 per cent with a 1.50 per cent product fee
  • 5 year fixed 4.08 per cent with a £1,999 product fee
  • 5 year fixed 4.28 per cent with zero product fee

New products launched for individual and company landlords with multi property HMOs up to 6 bedrooms and multi unit freehold up to 6 units:

• Up to75 per cent LTV:
  • 2 year fixed 3.68 per cent with a 1.50 per cent product fee
  • 5 year fixed 3.78 per cent with a 1.50 per cent product fee
  • 5 year fixed 4.08 per cent with a zero fee product fee

Aldermore bank also offers assisted legal fees, free valuation and no funds transfer fee on remortgages for individual and company landlords with single unit products, alongside free legal fees for individual landlords.

Jon Cooper, head of mortgage distribution, Aldermore, comments: “With so many people evolving their working lives away from offices and into their homes, now more than ever we can see the value a robust and high quality Private Rented Sector plays in the UK housing market. With the outlook for the economy looking more favourable, due to the success of the vaccination programme and the near ending of social distancing restrictions, now is the time many landlords will be considering their future strategies. So we’re delighted to announce a wave of new products and better rates to help those landlords, both big and small, realise those future portfolio goals.

“According to the latest BDRC data¹, over six in ten landlords intend to fund their next portfolio purchase with a buy to let mortgage, so at Aldermore we work closely with our broker partners to ensure we’re providing products that align with landlords’ needs. Our human approach to lending enables us to consider each application on their own merits, even if complicated in nature or a customer has credit blips in the past, which gives us an opportunity to help as many people as we can with their borrowing needs.”

Danny Belton, head of lenders relationships, Legal & General Mortgage Club, comments: “Aldermore’s range refresh is certainly something to be welcomed by advisers and landlords, alike. The reduced rates and increased product choice can only be seen as a step in the right direction and the timing is great given that many landlords that locked into five-year fixed rate deals ahead of the introduction of the stamp duty surcharge will now be on the hunt for a new product.”