The bank’s level two range is open to borrowers with up to two county court judgements (CCJs) with a combined value of £3,000 in the last three years. They can have up to two recorded defaults totalling £5,000 in the last two years, forced or voluntary possessions must be older than six years and any bankruptcy or individual voluntary arrangement (IVA) must have been discharged for three years.
Level three borrowers are allowed up to three CCJs in the last three years, up to four recorded defaults in the last two. Possessions must be older then three years while bankruptcy or IVA claims should be discharged for two.
The ranges are available for purchases and remortgages on two and five-year fixed rates up to 80 per cent loan to value (LTV). Rates begin at 3.68 per cent across the level two products and 4.18 per cent for level three deals.
For buyers using the Help to Buy scheme, there are options for level two and three borrowers up to 75 per cent LTV. These include two and five-year fixed rate products, with pricing beginning from 4.38 per cent.
For borrowers with no credit history issues, the level one Help to Buy range has had its rates reduced by up to 0.30 per cent.
Aldermore has also cut the rates on its high loan to value (LTV) products and re-introduced zero fee options for first-time buyer mortgages.
Two and five-year fixes at 85 per cent LTV have been reduced by 0.20 per cent while 90 per cent LTV products have fallen by 0.30 per cent.
Fee-free deals between 85 and 95 per cent LTV have rates ranging from 4.18 per cent for a two-year fix at the lower tier and 5.58 per cent for a five-year fix at the higher tier.
Jon Cooper (pictured), commercial director of mortgages at Aldermore, said: “At Aldermore, we believe that less than perfect credit shouldn’t be a complete barrier to home ownership and people deserve the opportunity to realise their life goal of finding a home.
“We’re delighted to announce our expanded range for homeowners and first-time buyers and, through our human approach to lending which enables us to consider each case on its individual merits, we can support customers in finding the right mortgage for them.”
