Aldermore has revamped its entire range of buy-to-let mortgages, launching new standard and specialist products which offer simple through to complex cases for all types of brokers and landlords, including companies owning buy-to-let properties.
A key part of the revamp is bringing its residential and commercial buy-to-let ranges under one proposition. As a result, residential mortgage brokers and landlords will now have access to a wider variety of products, ranging from the standard range for individuals with single residential units, through to the specialist range, for limited companies, houses in multiple occupation (HMOs) and multi-freeholds.
Similarly, commercial mortgage brokers and landlords will now be able to access the standard range, which includes two, three and five-year fixed rates from 4.18%, while the maximum loan-to-value available is now 80%, up from 75% previously. These products were previously unavailable to commercial mortgage customers.
The specialist range allows residential mortgage brokers to access a new range of products for more complex buy-to-let cases. These include two, three and five-year fixed rates from 5.18% and variable rates from 4.93%.
A recent survey by Aldermore found that 84% of intermediaries and landlords believe that lenders need to be more innovative to meet the varied needs of landlords. In the survey of 323 intermediaries, Aldermore found that 63% of the participants thought that landlords face too many restrictions from lenders.
Furthermore, 29% of those surveyed said that lenders appear reluctant to lend to landlords and 53% said lenders do not do enough to support the needs of the changing buy-to-let market.
Charles Haresnape, group managing director of mortgages at Aldermore, said: “The revamp we have introduced today across our entire buy-to-let mortgage range clearly demonstrates our commitment to the buy-to-let market and shows we will not sit still. Our new range covers the full and broad spectrum of buy-to-let, from the simple to complex, catering for all types of broker and landlord, including those companies that own buy-to-let property, which is a feature that may be more attractive to some borrowers post the recent budget changes.
“These changes have been introduced in response to feedback from our broker and landlord customers. As a relatively new entrant to the banking sector, it is imperative that we listen to our customers’ needs and we are constantly looking at ways to innovate and evolve.”