Complex Buy To Let
Aldermore slashes BTL five-year fix by 2%
Guest Author:
Heather Greig-SmithAldermore has cut rates on its residential mortgage range by up to 0.5% and improved its offering for landlords.
Residential mortgages are now available from 2.88%, while landlords purchasing or remortgaging single residential units can access five-year fixed rate mortgages from 2.98% – 2% lower than previously.
Commercial director of mortgages at Aldermore Charles McDowell (pictured) said: “Our latest rate reductions offer something for everyone, whether it’s landlords, homemovers, existing homeowners wanting to remortgage or those looking to get on the property ladder. These reductions reaffirm our commitment to offering a range of mortgage options based on customers’ needs.”
He added: “As a result of the strong demand in the remortgage and buy-to let markets, we have looked to cut our rates to help our customers get the best deals possible.
“Additionally, our latest reductions of up to 0.5% on residential mortgages come at a time when the number of homemovers has remained stagnant for the last three years. These reductions provide support to customers who are hoping to make a move or take their first step on the property ladder.”
The new products include:
Standard residential mortgages range (product fee of £999)
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Two-year fixed rates down by 0.5%:
2.98% up to 75% loan to value (LTV)
3.28% up to 80% LTV
Three-year fixed rates down by 0.4%:
3.08% up to 75% LTV
3.38% up to 80% LTV
Five-year fixed rates down by 0.4%:
3.18% up to 75% LTV
3.48% up to 80% LTV
Term variable rates down by 0.5%
2.88% up to 75% LTV
3.18% up to 80% LTV
Remortgage Only Range (no valuation, legal or product fees. Application fee of £199)
Two-year fixed rates down by 0.5%:
3.28% up to 75% LTV
3.58% up to 80% LTV
Three-year fixed rates down by 0.4%:
3.38% up to 75% LTV
3.68% up to 80% LTV
Help to Buy (purchase only, product fee of £999)
Two-year fixed rate down by 0.1%:
3.88% up to 75% LTV
Buy-to-Let Standard Mortgages Range
Five-year fixed rates down by 2%:
2.98% up to 75% LTV (reduced from 4.98%, with product fee also reduced from 2.5% to 2%)