Growth in net lending for the bank’s retail finance division, which comprises residential mortgages and buy to let, was 15 per cent taking the total mortgage book to £6.8bn.
Buy to let represented 63 per cent of total mortgage lending, or £4.3bn, and residential was 37 per cent or £2.5bn.
This compared to 2018, when buy to let was 71 per cent of the book and residential mortgages 29 per cent.
The bank said a renewed focus on specialist buy to let had driven strong originations and that in residential mortgages it had introduced Cascade, a new mortgage offering based on tiered credit profiling.
Of the total mortgage book, residential mortgage new lending accounted for 25 per cent, or £1.7bn, and residential remortgages comprised 13 per cent or £884m.
Residential first-time buyers represented 13 per cent of the total book.
Of the residential book, new lending was 66 per cent, compared to 70 per cent in 2018. And remortgages were 34 per cent, against 30 per cent in 2018.
Of the residential book, FTBs were 35 per cent compared to 41 per cent in 2018.
Buy to let
In buy to let, market conditions were “extremely positive until tax changes were implemented”. The buy to let lending book grew “on a par with 2018”, when it increased by four per cent, buoyed by remortgage activity.
“It is a competitive environment but we continue to grow our lending book,” the bank said.
“The private rented sector continues to play an important role in society and it is a sector Aldermore will continue to support strongly,” it added.
Aldermore’s net lending, comprising business finance, retail finance and motor finance, grew by 18 per cent to £10.bn. Net interest margin was 3.3 per cent, against 3.4 per cent in 2018.
Founder and chief executive Phillip Monks told the Evening Standard: “We don’t compete in the vanilla mortgage market. We look at customers who need a human underwriter.”