Aldermore’s latest buy to let (BTL) products are designed for both individual and company landlords. Here’s what they entail:
- Five-Year Fixed Rate: These BTL products come with a fixed interest rate for a period of five years, providing stability in monthly payments.
- Product Fee: A product fee of 5% is applied, which is a one-time charge based on the mortgage amount.
- Loan to Value (LTV) Range: These products offer a loan to value ratio ranging from 0.9% to 75%. This means you can borrow up to 75% of the property’s value, with a minimum borrowing amount of just 0.9%.
Target Audience
These products cater to two main groups within the BTL market:
- Individual Landlords: Private landlords who own single residential investment properties.
- Company Landlords: Those who own their properties through a company structure, including those with multiple residential investment properties.
Residential Owner-Occupied Mortgage Options
Aldermore has not just focused on the BTL market; they’ve also introduced products for those looking to purchase or refinance their own homes.
Available Deals
- Three-Year Fixed Rate: This option is available for those with a 65% to 90% LTV. It comes with two fee options: £999 or a zero fee.
- Five-Year Fixed Rate: Similar to the three-year fixed, this is available for a 65% to 90% LTV but with a £1,999 fee.
These options offer flexibility and cater to different financial situations, whether you are looking to minimize upfront costs or secure a longer fixed-rate period.
Changes to Maximum Lending Age
An important policy update from Aldermore is the increase in the maximum lending age limit to 75. This change is significant as it broadens the scope of individuals who can access mortgage financing, especially beneficial in the current climate of rising cost of living. It supports a wider range of customers in buying or financing a home.
A Word from Aldermore’s Head of Mortgages
Jon Cooper, Aldermore’s head of mortgages, emphasises the bank’s commitment to providing choices for landlords and homeowners who might not find suitable options with high street lenders. The continuous review and adjustment of their product range and affordability measures underscore Aldermore’s dedication to meeting the evolving needs of their customers.