Aldermore has made changes to its buy-to-let range, following Lloyds Banking Group’s move to restrict its own presence in the market.
Aldermore’s two new fixed rate deals, are both available up to 75% LTV. There is a 5.69% two-year fix, with a 2.25% completion fee and a 5.99% four-year fix, with a completion fee of £1,495
Loans are available up to £600,000 for either the purchase or remortgaging of up to two buy-to-let properties per applicant, and a free legal facility is available on all remortgage business. The applicant must own at least one existing buy-to-let property and rental coverage should be at least 125% calculated using the higher of the pay rate or reversion rate.
Colin Snowdon, chief executive of Aldermore’s residential mortgage lending business, said: “Lloyd’s recent announcement was a real disappointment for many brokers
