Aldermore Bank has introduced increased flexibility, new products, reduced rates and fee options for landlords with its new buy-to-let proposition.
Lending criteria changes include:
- Longer terms: Maximum term extended from 35 to 40 years
- Maximum loan limits increased:
- 75% LTV increased from £600k to £1m
- 80% LTV increased from £400k to £500k
- Defaults:
- All communication defaults now ignored
- Small settled defaults from 13 to 36 months now accepted up to £500
Aldermore is also offering reduced rates and upfront fees to assist portfolio management:
- New fee free limited edition five-year fixed rate products – Fee free remortgage from 3.48% for individual landlords with single residential investment properties
- Free valuation and assisted legal fees – Available for single residential investment properties for remortgages
- New products for portfolios up to £5m
- Increased efficiency – New products for submitting multiple property portfolios on one application
- New rate and product fee options
- Reduced HMO and multi-unit freehold products
- Simplified and reduced single valuation fee scale
Damian Thompson, group managing director – retail finance at Aldermore, said: “Landlords play a pivotal role in the UK housing market and, as the Private Rented Sector continues to expand, it is important they have options and flexibility, so they can continue to provide for tenants. We are pleased to announce our latest commitment to supporting landlords, providing them with more choice, more flexibility and more options.
“We know landlords have varied and often complex portfolios that frequently do not fit in the boxes other lenders require them to fit in. We have listened to feedback from landlords and intermediaries, and this expansion of options gives us more opportunity to support landlords to find the mortgage that is right for them, whatever their circumstances.”
Paul Shearman, mortgage, protection and GI proposition director at Openwork, added: “Aldermore is a lender well used to supporting our advisers for clients with unique circumstances that don’t fit into the one-size-fits-all approach of other lenders. These latest buy-to-let product and portfolio management enhancements will be well received by advisers and clients alike, and help cement Aldermore as a go-to lender for advisers looking for competitive rates and experienced buy-to-let underwriting.”
