There are two new products at 75 per cent loan to value (LTV), including a three-year tracker and a lifetime tracker mortgage.
The rates vary across the lender’s offering such as its individual and limited company, short-term lets, light refurbishment and EPC improvement products.
For example, the three-year tracker for individual borrowers and limited company borrowing has a rate of 6.7 per cent, which is 2.2 per cent above the base rate. Meanwhile, the lifetime tracker option has a rate of 6.95 per cent, which is 2.45 per cent above the base rate.
The equivalent products for small houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) properties are priced at 6.85 per cent and 7.1 per cent respectively. For large HMO and MUFB properties, the corresponding product rates are 6.95 per cent and 7.2 per cent.
Lifetime trackers have been introduced to its refurbishment range, such as the EPC improvement product which is priced at 7.1 per cent for individual and limited company borrowing or 7.2 per cent for small HMO and MUFB properties.
Ross Turrell, commercial director at CHL Mortgages, said: “If you have landlord clients who are looking to purchase or remortgage, our products might be the solution. Through our blended interest coverage ratio (ICR) approach, customers in different tax bandings could potentially raise additional capital.”
Aldermore resumes new business mortgages
Aldermore has brought back its residential and buy-to-let mortgage options for new borrowers a week after pulling the products.
The lender removed the mortgages last Friday as it said it was reacting to market conditions amid rising swap rates.
It has relaunched mortgages at its standard level 1 and level 2 criteria categories which are dependent on a borrower’s credit score, as well as high LTV options.
The buy-to-let options for new borrowers are available at 75 per cent LTV, either with a £1,999 fee, 1.5 per cent fee or no fee. There are two and five-year fixes, with rates beginning at 5.98 per cent for a discounted product either for individual or limited company landlords.
The products also offer a free valuation.
The lender has also repriced its mortgages for standard residential borrowers, high LTV residential products, Help to Buy and product switches for buy-to-let.
The rates are available from 6 June.
Jon Cooper, head of mortgages at Aldermore, said: “We’re thrilled to be back in the market with our buy-to-let and residential owner-occupied offerings. Withdrawing products was always a temporary measure and we’re pleased to offer a competitive range, giving customers even more choice to support their goals.
“Both our borrowers and our savers are the driving focus of everything we do at Aldermore, and we’re passionate about finding ways to support all of our customers to go for it in life and in business.”
