Aldermore has launched a new limited edition buy-to-let mortgage, citing the thriving housing market and growing demand from landlords as the reason behind its decision.
The variable rate product is being offered at an interest rate of 3.98% on a 75% loan to value mortgage, and 4.48% on an 80% LTV.
Both rates come with a 2.5% completion fee that can be added to the loan.
Charles Haresnape (pictured), residential mortgages managing director at Aldermore Bank, said: “The rates not only keep costs down for clients but this also maximizes the borrowing potential as the rates are used to calculate the loan size.
“The buy-to-let market is booming as recent figures from the Council of Mortgage Lenders show, with lenders having advanced 40,000 mortgages worth £5.1billion to buy to let customers in the second quarter of this year.
“As buy-to-let specialists we are always looking to help customers and intermediaries by offering a greater product choice. We have recently expanded into Scotland and increased our sales team, which will give people greater access to our mortgage services.”
