Aldermore has made changes to the criteria on its buy-to-let range of mortgages products.
The maximum loan size has been increased to £1 million up to 65% LTV
Also, Aldermore has removed the requirement for minimum income of £25,000 for experienced landlords.
Rental coverage remains at 125% of the pay or revert rate (whichever is the higher) and earned income will continue to be verified to confirm the applicant’s ability to withstand future interest rate changes and rental voids.
Loans will still be available up to 75%, to a maximum of £600,000, the maximum age for borrowers has recently been increased to 85 and Aldermore now accepts applications from first time landlords. The changes apply to all buy-to-let products with immediate effect.
Charles Haresnape, managing director of residential mortgages at Aldermore, said: “These changes make what is already a competitive product range even more appealing.
