The largest cuts have been made to its mortgages to residential borrowers.
This includes its two-year discount rate product up to 80 per cent loan to value (LTV) which now has a rate of 4.98 per cent. This is available to borrowers who fall under its level 1 criteria and has a £999 fee.
In the same range, its two-year fix up to 75 per cent LTV has a rate of 5.24 per cent, while the five-year fixed option is priced at 5.39 per cent.
Aldermore’s level 1 criteria considers borrowers with cleared, minor credit blips such as county court judgments (CCJs) which have been satisfied for more than three years and a maximum of one settled default that is at least one to three years old.
At 80 per cent LTV, both the two and five-year fixed options have a rate of 5.74 per cent.
Its fee-free range for level 1 borrowers begins at 5.49 per cent for a two or five-year fix at 75 per cent LTV, while at 80 per cent LTV, the equivalent products have rates of 5.99 per cent and 5.84 per cent.
Across its high LTVs, the two-year discounted product at 90 per cent LTV with a £999 fee has a rate of 6.23 per cent. The two and five-year fixes at 90 per cent LTV are priced at 6.74 per cent each, while the corresponding products at 85 per cent LTV each have a rate of 6.34 per cent.
Buy-to-let changes
For individual landlords with a single residence, the two-year discounted product up to 75 per cent LTV has a rate of 4.98 per cent. This has a £1,999 fee.
Also at 75 per cent LTV, the two-year fix with a 1.5 per cent fee is priced at 5.54 per cent while its five-year fixed alternative has the same rate. For properties with an EPC rating from A to C, there is a five-year fix at 75 per cent LTV with a rate of 5.44 per cent. This also has a 1.5 per cent fee.
Rates have also been lowered across mortgages for company landlords with single residences, houses in multiple occupation (HMO) and multi-unit block (MUB) properties, as well as portfolio landlords with standard or specialist properties.
Jon Cooper, head of mortgages at Aldermore, said: “We’re passionate when it comes to helping people to go for it in life and business. These latest rate reductions offer more people the chance to get the finance they need, and Aldermore is always here for those that the big traditional banks can’t or won’t help.
“We’ve also launched reduced buy to let rates for properties with an EPC rating of A, B or C, benefitting landlords who’ve made their properties energy efficient, especially ahead of the new EPC rules coming into effect in 2025.”
