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Aldermore announces changes to its proposition for residential and buy-to-let mortgages

POSTED: 15th October 2018
IN: Newsroom
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Specialist Bank, Aldermore, has today updated its proposition for residential and buy-to-let mortgages.

It has made the following changes to its criteria:

Buy-to-Let

  • Lowering Interest Coverage Ratio (ICR) for basic tax payer1
  • New build flats up to 70% LTV for first time landlords and 75% LTV for existing landlords2
  • Reducing minimum valuation on ex-public sector property (outside of greater London)
  • Increased maximum property land size from 3 to 6 acres

Residential

  • Reducing minimum valuation on ex-public sector property (outside of greater London) making them more accessible to first time buyers
  • Increased maximum property land size from 3 to 6 acres

Damian Thompson, Director of Mortgages, Aldermore comments: “We are pleased to announce the latest updates to our proposition for residential and buy-to-let mortgages. The latest changes come at a time when it is vital to provide support in a challenging housing market – whether they are a first time buyer with little or no deposit or a landlord looking to invest in a new property or remortgage an existing one.

 “At Aldermore, our human approach to lending enables us to consider each case on an individual basis so we can support a range of home buyers. We pride ourselves on supporting individuals’ needs and aspirations and we are constantly looking to improve our proposition to do so.” 

*Ends*

  1. This is subject to total annual income. We define this as all total gross earned income, total gross monthly rental income, dividends and investment income not exceeding the threshold that would tip you into the higher rate tax banding
  2. Restrictions may apply to certain postcodes

Notes to editors:

For further information about Aldermore, please review our Notes to Editors page.

For further information, journalists can contact:

Gareth Hill, Press Office – Mortgages, Aldermore
Mobile:          07721 127514
gareth.hill@aldermore.co.uk

Follow us on Twitter: @AldermoreNews

  • Mortgages
  • Buy To Let
  • Press Release
  • Personal Mortgages