Aldermore bank has today refreshed its residential owner occupied mortgage range, introducing new products for purchase and remortgage. It has also reduced rates on a number of products, supporting borrowers looking to get on the property ladder or who want to secure a better deal.
Aldermore bank’s new limited edition products for purchase and remortgage are fee-free with no product and valuation or funds transfer fee, with free legals on remortgages:
- 2 year fixed 2.48% to 75% loan-to-value (LTV)
- 5 year fixed 2.68% to 75% LTV
- 2 year fixed 2.78% to 80% LTV
- 5 year fixed 2.98% to 80% LTV
Aldermore bank has also re-introduced its 95% LTV proposition for purchase only. The following will include a £999 product fee:
- 2 year fixed 5.08% to 95% LTV
- 5 year fixed 5.28% to 95% LTV
These products across our standard level 1 range will have the following rate reductions:
The following purchase and remortgage products include a £999 product fee:
- 2 year fixed 3.08% (reduced from 3.18%) to 75% LTV
- 5 year fixed 3.28% (reduced from 3.38%) to 75% LTV
- 2 year fixed 3.38% (reduced from 3.48%) to 80% LTV
- 5 year fixed 3.58% (reduced from 3.68%) to 80% LTV
The following remortgage only products do not have product fees:
- 2 year fixed 3.38% (reduced from 3.48%) to 75% LTV
- 5 year fixed 3.68% (reduced from 3.78%) to 75% LTV
- 2 year fixed 3.58% (reduced from 3.68%) to 80% LTV
- 5 year fixed 3.88% (reduced from 3.98%) to 80% LTV
Aldermore bank lends to 5.5x income for individuals or joint applicants with a total allowable income of at least £50,000 and a maximum term of 40 years. We consider applicants that have had communications defaults and all defaults registered over 3 years ago, alongside applicants who’ve taken government grants or bounce back loans.
Jon Cooper, head of mortgage distribution, Aldermore comments: “We're delighted to be expanding our range of owner occupied mortgages and reducing the rates of some of our most popular products. There is a lot of motivation among buyers to put those home buying plans devised during lockdown into action so whether you’re a first time buyer, home mover or looking to remortgage, we want to help find a solution that can fit your individual circumstances.
“Conditions have been tough the past year particularly for those that do not necessarily have simple or straightforward finances, such as the self-employed or those with blips on their credit history, but the market is very much open for business again. It’s important people see they have opportunity to realise their home ownership dreams, which is why we consider every application on its own merits, and pride ourselves on tackling even the more challenging applications and, if there’s a way to make it happen, we’ll find it.”
Paul Shearman, Mortgage, Protection and GI Proposition Director, The Openwork Partnership said: “Buying a home is an important step in life but many would-be borrowers may feel it is unobtainable for them right now due to having to adapt their finances during the pandemic. With Aldermore's expanded range, there will be more opportuity for those borrowers who need an individual approach to lending, whether they are self-employed, have a low deposit, or blips in their credit history.”