Aldermore has revamped residential and buy-to-let mortgage offerings.
It has made the following changes to its criteria:
Buy-to-let
- Lowered ICRs for basic rate tax payers
- New build flats up to 70% LTV for first time landlords and 75% LTV for existing landlords
- Reduced minimum valuation on ex-public sector property (outside of greater London)
- Increased maximum property land size from three to six acres
Residential
- Reduced minimum valuation on ex-public sector property (outside of greater London) making them more accessible to first time buyers
- Increased maximum property land size from three to six acres
Damian Thompson (pictured), director of mortgages at Aldermore, said: “We are pleased to announce the latest updates to our proposition for residential and buy-to-let mortgages. The latest changes come at a time when it is vital to provide support in a challenging housing market – whether they are a first time buyer with little or no deposit or a landlord looking to invest in a new property or remortgage an existing one.
“At Aldermore, our human approach to lending enables us to consider each case on an individual basis so we can support a range of home buyers. We pride ourselves on supporting individuals’ needs and aspirations and we are constantly looking to improve our proposition to do so.”