x
By using this website, you agree to our use of cookies to enhance your experience.

TODAY'S OTHER NEWS

Aldermore revamps BTL mortgage range

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.

Advertisement

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.”

Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.

icon

Please login to comment

MovePal MovePal MovePal
sign up