On the residential owner-occupied side, all fixed rates will fall by 0.5 per cent for new customers and up to 0.5 per cent for existing customers.
Rates will begin from 5.04 per cent and loan to values (LTV) will go up to 95 per cent.
The lender has also reintroduced 95 per cent LTV offers for first-time buyers and increased the maximum LTV for new builds to 90 per cent for houses and 85 per cent for flats.
The maximum LTV for remortgages with capital raising for non-property related purposes has gone up to 85 per cent.
Within its buy-to-let range, all fixed rates will be cut by 0.5 per cent for new customers and existing customers. This covers individual and company landlords with single residential investment properties, houses in multiple occupation and multi-unit freeholds and multi-property products in both ranges.
For the individual and company landlords with single residential investment properties, rates will begin from 4.29 per cent and HMOs and MUFs pricing starts from 4.79 per cent.
The maximum LTV stands at 75 per cent for both ranges.
Jon Cooper head of mortgages at Aldermore, said: “We’re still only in January but 2024 has already seen major shifts in the property market. Lenders across the board are doing their utmost to react to a competitive rate environment.
“Aldermore has taken time to assess the market changes thoroughly and analyse how to best serve our borrowers. As a result, we’re now pleased to introduce these major rate reductions, as well as back customers at 95 per cent LTV where there are limited options available in today’s marketplace.
“We hope that these improvements continue to enable our broker partners to support both landlords and owner occupier customers with their property aspirations.”
Tandem reduces first-charge rates
Digital bank Tandem will cut rates on its residential first charge products by up to 0.96 per cent from today.
An example includes its two-year fixed rate at 90 per cent LTV which is priced at 7.49 per cent. It has a £1,495 fee.
The maximum loan up to 80 per cent LTV is £750,000 and £500,000 up to 90 per cent LTV.
Borrowers with a property with an EPC rating between A and C can get a further discount of up to 0.3 per cent.
Roger Morris, sales and distribution director at Tandem Bank, said: “Our commitment to providing transparent, accessible, and competitive mortgage solutions is reflected in these rate reductions and the simplified criteria guide.”
“Let’s turn dreams of homeownership into reality in 2024. Tandem supports aspiring homeowners – especially first-time buyers – recognising the challenges they face with rising rent, affordability concerns, credit hurdles, and the complexities of varied income sources.
“We’re excited to continue our journey of establishing our presence in the specialist residential lending sector, dedicated to making the path to homeownership more accessible for all.”
