Aldermore bank has reduced its product switch rates to some of the lowest level yet for existing customers. The products are available to both residential owner-occupied and buy to let customers with single residential units once they have reached the end of their initial fixed rate period or their early repayment charges come to an end.
The following changes will take effect immediately and are available with no associated fees:
- Residential owner occupied:
- 2 year fixed rates from 2.50% and 5 year fixed rates from 2.80%
- Buy to let (for individuals with single residential units):
- 2 year fixed rates from 2.95% and 5 year fixed rates from 3.35%
- Buy to let (for company landlords with single residential units):
- 2 year fixed rates from 3.15% and 5 year fixed rates from 3.55%
Last month, Aldermore bank also launched a new product switch functionality, benefiting customers and brokers alike, with a straight-forward six step online switching process.
Jon Cooper, head of mortgage distribution at Aldermore, comments: “2021 is a year in which we want to show our ambition; we will not settle for simply recovery this year as we move towards a post-pandemic environment, but seek growth and innovation to what we can provide and do for our customers. I’m delighted to introduce our new loyalty range which offers some of our cheapest rates yet and, alongside our newly-streamlined broker switching portal, we are providing benefits to both brokers and customers alike. This is not the end goal but a next step; we will continue in striving to deliver the best products we can and ensure our service is as straight-forward and seamless as possible as we move forward.”
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