Aldermore has cut its minimum valuation for light refurbishment bridging loans to £75,000, down from £100,000, in line with Aldermore’s residential and buy-to-let mortgages.
Meanwhile, the bank has reduced the minimum age for those qualifying from 25 to 21, except if the applicant is a first time landlord. Aldermore has also extended its family gifted deposit to cover additional family members (aunts and uncles) and foster parents or legal guardians.
When customers are ready to exit their bridging loan, Aldermore’s bridge to term offering enables them to switch to a buy-to-let or commercial product for long term funding.
Charles Haresnape, group managing director for mortgages at Aldermore, said: “As the demographics of who is seeking a bridging loan changes, and we increasingly move away from the idea of ‘the average customer’, a reduction in the minimum age reflects our commitment to continually improve our products and services and to provide more flexible and bespoke financing options for our borrowers.
“As the bridging market continues to grow and develop, expanding our bridging offering is an essential step in helping those customers looking for alternative finance that best suits their needs.”