The deal was a three-year fixed rate remortgage on a buy-to-let application submitted by L&G Mortgage Club for a borrower in South Wales. The application was turned around in two days after submission on 26th May with an offer issued on the 28th.

Colin Snowdon, chief executive, residential mortgages at Aldermore, said: “It’s great to have successfully completed our first deal, which means we’re now officially a mortgage ‘lender’. However, we’re under no illusion that completing one deal quickly is easy and we’re determined to provide the same fast, high quality service for the many thousands of applications which we hope will now follow on.”

Ben Thompson, director of mortgages at L&G Mortgage Club, said: “The application, which was submitted to L&G Mortgage Club by Richard Williams of Weathersby, went through Aldermore’s underwriting system without any hitches. Their online application system is quick and easy to use and gives brokers a DIP and KFI in a matter of just a few minutes.”

Aldermore’s funding comes from a mixture of private equity and deposit taking.

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