Opening doors to Residential Mortgages
We provide mortgages to creditworthy borrowers denied access to high street products.
We use experienced underwriters to assess applications, not automated credit scoring systems. So if your creditworthy client has been turned away by high street lenders, get in touch. We're here to help you deliver a service and solution they simply won't find anywhere else.
We've made some changes
Here at Aldermore we want to help you write more business which is why we have introduced a range of improvements including:
- Reduced minimum age on our FTB range from 25 to 21
- Ex-Local Authority flats can now be considered (for both
Residential owner occupier & BTL applications) subject
- Minimum property value of 200,000
- Maximum LTV of 75%
- Let to buy process improved resulting in quicker decision making
We've also made some changes to our Residential Interest Only range including:
- Maximum LTV restricted to 75%
- Introduction of a repayment plan declaration making the process easier
- Sale of property still accepted subject to minimum equity of 150k (250k for properties in London and the South East)
New 5 year fixed deals
Having seen a three-fold increase in the number of people opting for five-year fixes in the first half of this year, compared to the same period last year we've launched:
Buy to Let - 5 Year Fixed Rates
- 4.98% to 80% LTV (completion fee fixed at £1,999)
- 4.78% to 75% LTV (completion fee fixed at £1,999)
It's not only our Buy to let range that we're improving - we are also reducing rates on our residential products too.
Residential - 5 year Fixed Rates
- 4.68% to 75% LTV (completion fee fixed at £999)
- 4.88% to 80% LTV (completion fee fixed at £999)
Subject to affordability all our fees can be added to the advance.
Great news! We're now lending in Scotland
If you have clients looking to buy property in Scotland,
Aldermore can now help. Whether your clients are already based in
Scotland or whether they're moving north or investing in Scottish
Buy to Let Aldermore is the place to turn.
The benefits of our mortgages:
- Residential mortgages - Our common sense approach means we'll consider creditworthy customers who've failed credit scores elsewhere
- Buy to Let mortgages - We are the Buy to Let experts, catering for first time landlords to those with complex multi-property portfolios
- First time buyer mortgages - No deposit required with our Family Guarantee Mortgage - 100% of purchase price available
We've lent over £1bn in mortgages since 2010. Talk to us if you
have clients who are buying or remortgaging property in
See how you can make the most of our mortgage products
We're lending on New Build flats
Listening to feedback from our brokers is a key priority at
Aldermore - we want to help you write more business! So in response
to market demand, we're now lending on new build owner
occupied flats across our full residential range up to the
product maximum LTV.
View our latest Residential range and rates now.
Newsflash! Fees can now be added to our mortgage loans
We pride ourselves on responding to the needs of our brokers and the changing market, so here's some welcome news.
In response to your feedback, your clients can now choose to add the following fees to their Aldermore Buy to Let or Residential* mortgage:
- Completion fee
- Electronic transfer fee
Added fees will be excluded from the LTV calculation but included in the affordability assessment. Where fees are added to the loan they will attract interest over the mortgage term.
*Excludes the Family Guarantee Mortgage and NewBuy
Over recent months, we've also introduced the following criteria enhancements to make our products even more attractive to your clients:
- Full family gifted deposits now accepted from close relatives, including step relatives on all Residential and Buy to Let purchases.
- Let to Buy now available up to 80% LTV** for the remortgage of an existing residential property on to a BTL mortgage.
** Maximum 75% LTV for first time landlords
Full Family Gifted Deposits - Now accepted by Aldermore
With property prices remaining high, we know how hard it can be for borrowers to get on to the first rung of the property ladder and more and more are turning to the 'Bank of Mum & Dad' to help raise a deposit.
In response to this need, we've introduced enhanced criteria on our Residential and Buy to Let product range. We're now accepting full gifted deposits* from close relatives including step relatives. A close relative is defined as a spouse, parent, grandparent, sibling, or child.
- Full Family Gifted Deposits on all Residential purchases
- Full Family Gifted Deposits on all BTL purchases
View our full Residential & Buy to Let range
We're also extending the offer period on new build purchases to 180 days - just another way we're championing British homeowners.
These exciting criteria enhancements will help us to meet the needs of your customers who break the mould, by meeting the needs of real people and not banking stereotypes.
*Please note that criteria in relation to inter family sales and sale at under value remain unchanged.
Let To Buy - Now available from Aldermore
Letting out an existing property rather than selling is an attractive option in today's housing market.
With this in mind, we are delighted to confirm that we will now accept Let to Buy applications in the following circumstances:
Remortgage of an existing residential property onto a Buy to Let mortgage*.
Your clients can also benefit from:
- Lending up to 80% LTV (maximum 75% for first time landlords)
- Capital raising up to product maximum LTV (ideal for raising a deposit for a new property)
- Standard Buy to Let range and criteria applies - rates starting from just 4.48%
We hope that you find this important criteria enhancement beneficial - we have certainly seen growing demand for this facility and are delighted to extend our Buy to Let lending criteria to accommodate a Let-to-Buy option.
*A copy of the new residential mortgage offer will be required prior to completion.
Mortgages for customers that break the mould
Lower rates are one thing. Getting your applications approved is another...We believe mortgages should be flexible to fit different kinds of people. So we'll assess your customers' applications based on individual circumstances, not stereotypical mortgage tick boxes, using sensible criteria applied by real, experienced people.
To get the housing market moving, action speaks louder than words. Submit a DIP today.
Waving the flag for BTL
The Buy to Let market has continued to grow, with further opportunities for investment. We'll continue to champion BTL with competitive rates and award-winning service. Remember that all our decisions are based on refreshingly sensible underwriting rules and flexible criteria applied by real, experienced people.
No one's doing more than Aldermore for BTL.
We're improving our range all the time, so keep checking back for new products and further enhancements.
Who we lend to
Aldermore residential mortgages are designed for creditworthy borrowers. However, we will take into account factors that can cause credit score fails. For example, applicants:
- not yet on the voters roll because they have recently moved home
- who have recently changed their job
- who have satisfactorily resolved minor historic credit issues
- who are self-employed with income generated via multiple sources
- who are self-employed and disadvantaged by credit scoring systems favouring salaried applicants
- currently living in rented accommodation, because they have sold their previous house
Your clients first
Our staff will look after your clients' mortgages from application through to post completion and customer service - and provide everything they may need in between.
Unlike most other lenders, we don't sub-contract mortgage servicing to third party administration companies. We take care of everything - including the normal day-to-day running of your clients' mortgages.
To find out more, call us on 0333 321 1000 or email email@example.com
Need Help?Get in touch
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