Aldermore has launched a new ‘limited edition’ buy-to-let mortgage product aimed at buy-to-let landlords looking to borrow up to £1m.
The lender’s new five-year fixed rate product is available to individuals applying for buy-to-let mortgages on a single residential unit.
The fixed-rate deal at 2.99% to 70% loan-to-value borrowers is available with a 1.5% product fee and £199 arrangement fee.
Charles Haresnape, managing director, Aldermore Mortgages, said: “With the average monthly rent for a home in England and Wales rising to an all-time high in July, the buy-to-let sector continues to offer a strong investment opportunity, and is an increasingly important segment of the housing market.
“Our new fixed rate, which is available for both purchase and remortgage, is great for landlords looking to guarantee their mortgage repayments in the long term, allowing them to better plan their investments.
“Rising house prices have meant there is increasing demand for rental accommodation, and Aldermore is committed to supporting landlords and the vital role they play in the UK’s housing industry.”