The two-year fix at 2.48% up to 75% loan to value (LTV) is part of the lender’s limited edition residential remortgage-only range.
The range has no upfront fees, although customers have to pay a £30 funds transfer fee upon completion. The other products in the range are:
- Two-year fixed rate up to 80% LTV 2.78%
- Three-year fixed rate up to 75% LTV 2.58%
- Three-year fixed rate up to 80% LTV 2.88%
Charles McDowell (pictured), commercial director for mortgages at Aldermore, said the range is ideal for those customers “trapped” on their Standard Variable Rate (SVR).
“As people’s circumstances change, for example if they have become self-employed or have split from a partner, their affordability may be impacted which means they may not be able to switch to another deal with their current lender,” he said.
“There are millions of borrowers across the UK on SVR who could be getting better deals. Now is the time for advisers to get in front of those borrowers. These borrowers often do not fit the ‘norm’ for many lenders and it can be a real challenge for them to receive the financial support they need.”
Aldermore has also made changes to its high-LTV rates and now offers:
High LTV purchase and remortgage products:
- Two-year fixed rate up to 85% LTV 4.78%
- Three-year fixed rate up to 85% LTV 4.88%
- Five-year fixed rate up to 85% LTV 4.98%
High LTV purchase only products:
- Two-year fixed rate up to 95% LTV 5.28%
- Two-year fixed rate up to 95% LTV 5.48% (no product fee)
- Three-year fixed rate up to 95% LTV 5.38%
- Three-year fixed rate up to 95% LTV 5.58% (no product fee)
- Five-year fixed rate up to 95% LTV 5.48%
High LTV remortgage only products:
- Three year fixed rate up to 85% LTV 5.18% (no valuation, legal or product fees)