Aldermore reignites its residential range and improves LTI limits for borrowers

Aldermore today announces a fresh focus on residential homeowners, launching several new limited edition products alongside increasing its loan to income (LTI) limits for owner occupiers as well.

The following rates are available immediately:

Residential Owner Occupier:

Level 1

NEW 2 year fixed rate, zero fee, 5.94% up to 85% LTV
NEW 2 year fixed rate, zero fee, 5.99% up to 90% LTV
NEW 2 year fixed rate, zero fee, 6.29% up to 95% LTV

Level 2

NEW 2 year fixed rate, zero fee, 6.48% up to 85% LTV
NEW 2 year fixed rate, zero fee, 6.64% up to 90% LTV

Alongside these limited editions, Aldermore’s affordability criteria now boasts improved LTI multiples. Eligible borrowers with an income between £40k to £60k can now receive up to five or even five and a half times their income (depending on LTV), subject to overall affordability. Eligible borrowers with a household income greater than £60k can now borrow up to six times their income if their LTV is below 80%.

Income under £40k, <80% LTV the LTI limit is now 4.75x and >80% LTV the LTI limit is 4.49x (previously 4.49x LTI across all LTV bands)
Income £40k to £60k, <80% LTV the LTI limit is now 5.50x and >80% LTV the LTI limit is 5.00x (previously 4.49x LTI across all LTV bands)
Income over £60k, <80% LTV the LTI limit is now 6.00x and >80% LTV the LTI limit is 5.50x (previously 5.49x LTI across all LTV bands)

For example, customers with a household income of £70k could now access up to £35k in additional borrowing if they have a deposit of 20% or more. Those on lower incomes will also benefit; a family with a combined income of £45k could access a total loan amount more than £20k greater than before, even with just a 5% deposit.

Jon Cooper, director of mortgages at Aldermore, comments:

“Aldermore backs people who want to make things happen, whether it’s buying your first home, moving up the ladder, or investing in property. We’re reigniting our residential mortgage proposition, and brokers will see targeted enhancements to our owner-occupier range in the months ahead.

“I’m especially pleased to announce higher LTI limits. For many clients, this could be the difference between securing their home or missing out, and this offers a real opportunity for brokers to deliver more for their customers.”

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