Aldermore is today extending its let to buy mortgage propostion, which will enable borrowers to purchase a new residential owner-occupied property, while retaining their existing home as a buy-to-let property.
Until these changes, Aldermore allowed borrowers to remortgage their owner-occupied property on to a buy-to-let mortgage. Under the new changes, the bank will now consider applications for the onward purchase of a new residential owner-occupied property, where the existing property is to be let. The purchase of the new property will be subject to a maximum of 80% loan to value.
Meanwhile, Aldermore has also made some changes to its residential mortgage and standard buy-to-let mortgage range, including extending its family gifted deposit to cover additional family members (aunts and uncles) and foster parents or legal guardians.
Charles Haresnape, group managing director of mortgages at Aldermore, said: “These changes provide greater flexibility for borrowers and are part of our commitment to continually improve our products and services for all mortgage customers.
“Extending our let to buy mortgage offering is a key milestone in Aldermore’s development. It allows home owners that wish to move, but who do not want to sell their house or are unable to, to purchase another property.”