The bank will be temporarily reducing its mortgage range open to new customers, including credit-adverse and help to buy products. It is also withdrawing its three-year fixed rate products and term variable options.
All homes in multiple occupancy and multi-unit freehold products up to six bedrooms or units will also be put on hold.
Existing applications where a product has already been reserved will continue to progress.
The bank said this would allow it to focus on supporting its existing customers, during a period of high request volumes.
Valuation changes
Aldermore has moved towards remote valuations for owner-occupied properties and buy to let single unit applications due to government restrictions.
Where remote valuations are not possible, cases have been put on hold until new processes are available or physical valuations are allowed again.
The bank also confirmed it is offering payment breaks for existing homeowner and landlord customers impacted by Covid-19 and is providing three-month mortgage offer extensions to customers that have exchanged.
Jon Cooper (pictured), head of mortgage distribution at Aldermore, said: “It has been an extraordinary few weeks for the industry and the country as a whole, and this has led to the necessary decision to temporarily reduce our options for new customers.
“Our aim is to continue to support the market as much as possible while we work hard to maintain the service required to our customers during this worrying time for many.”
