Its maximum loan size has increased to £1m up to 65% loan-to-value (LTV) and the minimum income of £25,000 for experienced landlords has been removed.
Rental coverage remains at 125% of the pay or revert rate and earned income will continue to be verified to confirm the applicant’s ability to withstand future interest rate changes and rental voids.
The lender said loans will still be available up to 75%, to a maximum of £600,000.
The maximum age for borrowers has recently been increased to 85 and Aldermore now accepts applications from first time landlords.
Charles Haresnape, managing director of Residential Mortgages at Aldermore, said: “These changes make what is already a competitive product range even more appealing. Earlier this month we launched a summer special two-year fixed rate of just 4.18%, which is available up to 75% LTV and we’re also offering further fixed, discounted and variable rate deals.”
