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Aldermore cuts limited company buy-to-let rates

by: Christine Toner
  • 14/02/2017
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Aldermore cuts limited company buy-to-let rates
Aldermore has revamped its limited company buy-to-let products ahead of the roll out of landlord tax relief changes this April.

The lender has launched a selection of two-year fixed rate products including a rate of 4.98% up to 75% loan-to-value (LTV) with no product fee and 4.48% with a £1,999 fee.

Rates have also been reduced on its existing two-year fixed rates for limited companies by 0.2% and its two-year fixes for individual landlords by 0.1%.

It is the second time this year the lender has reduced its rates.

Last month it cut its two-year fixed rates for landlords on purchases and remortgages, as well as offering some mortgages with a reduced fee.

Charles Haresnape, (pictured) group managing director of mortgages, at Aldermore, said: “The increasing number of renters combined with the ongoing supply pressures across the private rental sector is evidence of the integral role buy to let plays within the UK’s housing market.

“The majority of our landlords are committed for the long term, and we want to ensure we regularly review our products, to ensure we are able to provide them with the best offering, either as an individual landlord or a limited company.”

Jane Simpson, managing director at TBMC, welcomed the “rising competition in the limited company buy-to-let market” and the growing appetite from lenders.

She said: “At TBMC, we are certainly seeing an increasing demand from landlords, especially with the recent PRA [Prudential Regulation Authority] regulations and imminent tax changes which primarily affect individual landlords.

“The new products from Aldermore provide good choice for limited company applicants. The ‘no product fee’ options could prove popular, as many of the other limited company products currently available in the marketplace have percentage fees,” she added.

Earlier this month Aldermore announced Haresnape will be leaving the lender to take on the chief executive role at Shariah-compliant investment bank Gatehouse Bank.

 

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