The lender has also introduced a new five-year fixed rate mortgage with no product fee for purchase applications up to 95% LTV and removed its remortgage application fee.
The changes are available immediately and include:
Purchase only products up to 95% LTV:
- Two-, three- and five-year fixed rates from 4.98% with a £999 product fee
- Two-year fixed rate now from 5.18% with no product fee
- Five-year fixed rate introduced at 5.28% with no product fee
Remortgage only products up to 85% LTV, now with no upfront fees:
- Two-year fixed rate reduced, now 4.98%
- Five-year fixed rate introduced at 5.08%
Help to Buy: equity loan & London Help to Buy: scheme (purchase only):
- Two-, three- and five-year fixed rates from 3.98% with no product fee
- Two-, three- and five-year fixed rates now from 3.78% with a £999 product fee
Aldermore commercial director of mortgages Charles McDowell (pictured) said the lender’s latest research showed one in three potential first-time buyers (35%) believed buying their first home would be an extremely difficult process, with raising a deposit their biggest concern.
“While there is no quick fix to address the housing crisis, we listen carefully to customers and brokers to ensure our products give first-time buyers the best possible options in a challenging market,” he said.
“This is why we are proud to announce reduced rates and new products across our high LTV and Help to Buy mortgage ranges.
“These latest changes will support those with smaller deposits looking to reach the first step on the housing ladder,” he added.