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Aldermore updates residential and buy-to-let offers

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  • 15/10/2018
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Aldermore updates residential and buy-to-let offers
Aldermore has confirmed a series of changes to its residential and buy-to-let propositions.

 

For buy-to-let mortgages, the lender has lowered Interest Cover Ratios (ICR) for basic rate tax payers.

And the lender will also offer up to 70% loan to value on new build flats (LTV) for first-time landlords and 75% LTV for existing landlords.

For both residential and buy-to-let mortgages, Aldermore has reduced the minimum valuation on ex-public sector property and it has also increased maximum property land size from three to six acres.

Damian Thompson, director of mortgages at Aldermore (pictured), said: “The latest changes come at a time when it is vital to provide support in a challenging housing market – whether they are a first-time buyer with little or no deposit or a landlord looking to invest in a new property or remortgage an existing one.”

Last month Aldermore completed a residential mortgage backed securities deal (RMBS) to raise £325m of new funding for the bank.

In August it launched a buy-to-let multi-property remortgage product for individual landlords with single residential units.

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