Aldermore Bank has slashed mortgage rates by up to 0.50% giving a much-needed boost to both homeowners and landlords.

This good news comes as part of a shake-up of the bank’s mortgage range, with cuts for both new and existing customers.

Here’s what you need to know:

For those looking to buy a home (residential mortgages):

• New customers: Rates have been cut by up to 0.50% on mortgages with a loan-to-value (LTV) of up to 80%. Plus, there are brand new two and three-year fixed-rate deals with a tempting 1% discount off the standard rate.
• Existing customers: If you already have a residential mortgage with Aldermore, you could be in luck too, with fixed rates being cut by up to 0.40% for mortgages with an 80% LTV.

For landlords (buy-to-let mortgages):

• New customers: You’ll find rates cut by up to 0.20%
• Existing customers: Fixed rates have been reduced by up to 0.20% across the board.

These cuts are a positive sign for the housing market according to Jon Cooper, director of mortgages at Aldermore. He said: “These reductions give both landlords and homebuyers valuable choice and competitive pricing, at a time when the optimism and outlook within the market starts to grow.”