Aldermore broadens its support for homeowners and first time buyers struggling to realise their home buying dreams

POSTED: 30th September 2021
IN: Newsroom
  • The re-introduction of our level 2 and 3 mortgage range highlighting Aldermore’s commitment to support homeowners and first time buyers with ‘less than perfect’ credit find a mortgage that’s right for them. This is available on our Standard range and our Help to Buy: equity loan range
  • Re-introduction of zero product fee options in our High loan to value (LTV) range in support of first time buyers
  • Rate reductions on our Help to Buy: equity loan range Level 1 products further supporting first time buyers
  • Rate reductions on our 85% and 90% LTV £999 product fee products further supporting homeowners and first time buyers 

Aldermore has today announced the re-introduction of products and rate reductions in its residential mortgage range to support homeowners and first time buyers realise their home buying dreams. A full list can be found in the notes to editors.

Help for the those with ‘less than perfect’ credit

We recognise that many customers have complex financial histories or credit blips in their past, which can cause problems when trying to secure a mortgage or refinance. Our re-introduced tiers, level 2 and 3 options, mean we now consider those with more complex credit issues in their past, such as CCJs or defaults registered over 6 months, bankruptcy or IVA discharged for 2 years, mortgage or secured loan arrears over 3 months ago, or forced or voluntary possessions older than 3 years.

New products available from today:

  • Level 2 – 2 and 5 year fixed rate options from 3.68% with loan to value (LTV) up to 80%
  • Level 3 – 2 and 5 year fixed rate options from 4.18%, with LTV up to 80%

According to Aldermore’s First Time Buyer Index1, two fifths (38%) of prospective first time buyers were rejected for a mortgage once and 43% were rejected for a mortgage more than once. The number one reason for the rejection was credit history issues. Recognising this, Aldermore bank has also re-introduced level 2 and level 3 in our Help to Buy: equity loan range providing greater options for first time buyers,

New products available from today:

  • Level 2 – 2 and 5 year fixed rate options from 4.38% with loan to value (LTV) up to 75%
  • Level 3 – 2 and 5 year fixed rate options from 4.88%, with LTV up to 75%

Reduced rates and re-introduced zero product fee High LTV options

To further support first time buyers and homeowners we’ve reduced rates and re-introduced zero product fee High LTV options:

  • Rate reductions at 85% and 90% LTV on our £999 fee products (between 0.20% – 0.30%).
  • Re-introduction of zero product fee options at 85%, 90% and 95% LTV with free valuations. Plus free legals on remortgages.

Jon Cooper, commercial director of mortgages, Aldermore, comments:

“Life is a long road with many experiencing bumps along the way, so it’s reasonable to expect some may have had credit blips in the past. At Aldermore, we believe that less than perfect credit shouldn’t be a complete barrier to home ownership and people deserve the opportunity to realise their life goal of finding a home.

“We’re delighted to announce our expanded range for homeowners and first time buyers and, through our human approach to lending which enables us to consider each case on its individual merits, we can support customers in finding the right mortgage for them.”

*Ends*

1 Aldermore’s First Time Buyer Index was conducted by Opinium in March 2021, with a nationally representative sample size of 1,008 prospective first-time buyers. More details of the results can be found here: Four in five prospective first time buyers have been rejected for a mortgage - Aldermore Bank

For further information, journalists can contact our PR Team.

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

Follow us on Twitter: @AldermoreNews 

 

Full product details

We’ve reduced rates across our high LTV range – with £999 product fee

  • 2 year fixed 3.88% to 85% LTV (reduced from 4.08%)
  • 5 year fixed 4.08% to 85% LTV (reduced from 4.28%)
  • 2 year fixed 4.48% to 90% LTV (reduced from 4.78%)
  • 5 year fixed 4.68% to 90% LTV (reduced from 4.98%)

New high LTV rates – with zero product fee*

  • 2 year fixed 4.18% to 85% LTV
  • 5 year fixed 4.38% to 85% LTV
  • 2 year fixed 4.78% to 90% LTV
  • 5 year fixed 4.98% to 90% LTV
  • 2 year fixed 5.38% to 95% LTV
  • 5 year fixed 5.58% to 95% LTV

*Free valuation incentive applies. Free standard legal fees are available on all remortgages

We’ve brought back our standard range level 2 and 3 products for Applicants with less than perfect credit

Standard level 2 rates – with £999 product fee

  • 2 year fixed 3.68% to 75% LTV
  • 5 year fixed 3.88% to 75% LTV
  • 2 year fixed 3.98% to 80% LTV
  • 5 year fixed 4.18% to 80% LTV

Standard level 2 rates – with zero product fee (remortgage only)*

  • 2 year fixed 3.98% to 75% LTV
  • 5 year fixed 4.28% to 75% LTV
  • 2 year fixed 4.18% to 80% LTV
  • 5 year fixed 4.48% to 80% LTV

Standard level 3 rates – with £999 product fee

  • 2 year fixed 4.18% to 75% LTV
  • 5 year fixed 4.38% to 75% LTV
  • 2 year fixed 4.48% to 80% LTV
  • 5 year fixed 4.68% to 80% LTV

Standard level 3 rates – with zero product fee (remortgage only)*

  • 2 year fixed 4.48% to 75% LTV
  • 5 year fixed 4.78% to 75% LTV
  • 2 year fixed 4.68% to 80% LTV
  • 5 year fixed 4.98% to 80% LTV

*Free valuation incentive applies. Free standard legal fees are available on all remortgages

Help to Buy: equity loan level 2 and 3 range is back, helping even more of your first time buyers

Reduced rates - level 1 with £999 product fee*

  • 2 year fixed 3.78% to 75% LTV (reduced from 4.08%)
  • 5 year fixed 3.88% to 75% LTV (reduced from 4.18%)

New rates - level 2 with £999 product fee*

  • 2 year fixed 4.38% to 75% LTV
  • 5 year fixed 4.48% to 75% LTV

New rates - level 3 with £999 product fee*

  • 2 year fixed 4.88% to 75% LTV
  • 5 year fixed 4.98% to 75% LTV

*Free valuation incentive applies.