Aldermore overhauls commercial mortgage range

The lender repriced all its variable rates, which now start from 4.59% for owner occupied and 4.99% for commercial investment. It also introduced a new 70% loan-to-value (LTV) tier, meaning it is now offering mortgages for 60%, 70% and up to 75% LTV.

Rates for the new three-year commercial owner occupied fixes start from 4.69% at 60% LTV, with highest rates set at 5.14% at 75% LTV. Their five-year equivalents start from 4.79% at 60% LTV and go up to 5.24% at 75% LTV.

Commercial investment fixes start at 5.09% for 60% LTV over three years and 5.19% over five. Their rates range up to 5.45% (75% LTV) for the three-year products and 5.64% for their five-year equivalents.

The lender also reduced its commitment fee from 0.50% to 0.25% but stuck with its 1.75% arrangement fee.

Commercial director for mortgages Charles McDowell (pictured) said: “Our latest commercial mortgage refresh provides more choice for businesses, with products available across three LTV tiers. We are pleased to be reducing rates across a range of our commercial investment and commercial owner occupied mortgages, encouraging businesses to invest in their future.”

Aldermore’s mortgage division is currently being led by chief financial officer James Mack, after he replaced outgoing group managing director of mortgages Charles Haresnape, who announced his departure in February. He is joining Shariah compliant investment bank Gatehouse Bank.