Aldermore is currently in the final stages of testing its range, aimed at credit-worthy borrowers who fall foul of credit scoring systems and lack of funding, through a small number of brokers who are processing a limited number of applications.

National distributor 3mc has been testing the deals for two weeks, and managing director Doug Hall said mortgage offers had already taken place: “There’s no doubt that the range will be a success,” he said. “Even in testing, there are deals being declined by prime high street lenders for credit worthy clients that Aldermore is accepting. The euphoria and buzz it has created among customers has been fabulous.”

Loans for house purchase and remortgages will be available up to 80% LTV, with two-year discounts starting from 3.98% and three- and five-year fixed rates starting from 4.93%.

Its buy-to-let deals will be available up to 75% LTV for the purchase or remortgage of a single property, with two-year discounts starting from 4.98% and three- and five-year fixed rates starting from 5.78%.

Products will initially be available through a panel of networks and clubs, including 3mc, BDS, Legal & General, Mortgage Intelligence, Mortgage Next, Pink, PMS, PTFS and Sesame.

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Colin Snowdon, Aldermore’s chief executive of residential mortgages, said the testing programme was going well and he hoped to announce an exact launch date soon.