Aldermore reintroduces 95% LTV mortgage products to support first time buyers

POSTED: 25th March 2021
IN: Newsroom

Aldermore bank has reintroduced its 95% loan to value (LTV) mortgage offering for a limited period, helping to serve first time buyers looking to get on the housing ladder, in particular those that are self-employed or have had credit issues in their past.

The 95% LTV products will be available from today (25 March) for both new build and second-hand homes, for both first time buyers and home movers, with the view to reintroduce it permanently in the near future. Aldermore’s enhanced human underwriting process is crucial in understanding the ever-widening range of individual circumstances, given complexities arising from the pandemic, to better serve prospective borrowers. 

The following 95% LTV products being launched are:

  • 2 year fixed – 5.08% (£999 fee purchase only)
  • 5 year fixed – 5.28% (£999 fee purchase only)

Aldermore bank have also today reduced the rates of its 85% and 90% LTV products. The following rates are:

85% LTV £999 fee, purchase and remortgage

  • 2 year fixed – 4.08% (previously 4.38%)
  • 5 year fixed – 4.28% (previously 4.58%)

90% LTV £999 fee, purchase and remortgage

  • 2 year fixed – 4.78% (previously 5.28%)
  • 5 year fixed – 4.98% (previously 5.38%)

Jon Cooper, head of mortgage distribution at Aldermore, comments: “We’re delighted to be one of the first lenders to reintroduce our 95% LTV proposition to meet the strong demand from first time buyers right now. Lockdown has given many people the chance to focus on their long term goals and, with three fifths (63%) of first time buyers saying they are now more motivated to buy,1 we want to provide greater choice and opportunity to help new buyers realise their dreams of becoming home owners. While initially introduced for a limited time period, we look forward to permanently introducing our 95% LTV proposition in the near future.

“Aldermore has been a big supporter of the Help to Buy scheme since 2013 and continue to support the equity loan and ISA products. But as the market has evolved rapidly the past few years, we believe we can serve low-deposit first time buyers better going forward, in particular those that are self-employed or that have had credit issues in their past, with our own products and services independent of the scheme.”

Greg Cunnington, director of lender relationships and new homes, Alexander Hall, said: “Aldermore’s return to 95% LTV lending is great news for this important part of the market. The more support for buyers with a 5% deposit in the market the better. Aldermore’s flexible approach to underwriting, and ability to manually assess client scenarios, means this move will help even more buyers to be able to enter the property market once more. The products being available to home movers and buyers of new build houses is fantastic news, and these product launches will be very well received by intermediaries such as ourselves.”


Notes to editors:

1 Research conducted by Opinium between 21st February and 6th March 2021, with a nationally representative sample size of 2,003 Prospective First-Time Buyers.

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