Aldermore has launched a new range of limited edition buy-to-let products for private landlords seeking loans of up to £1m, with rates on its five-year fixed buy-to-let deals slashed by up to 0.74%.
Aldermore’s new five-year fixed rates start from 2.79% at up to 70% loan-to-value (LTV), 2.99% up to 75% LTV, and 3.25% up to 80% LTV, down from 3.99%.
The new term variable rate buy-to-let mortgage is available at 3.68% up to 75% LTV.
Charles Haresnape, Aldermore’s group managing director, Mortgages, commented: “The change in the base rate has led to the average five-year fixed rate for a 75% loan-to-value buy-to-let mortgage falling below 4% for the first time, and now is a great time for landlords to remortgage some or all of their portfolios.
“Buy-to-let as an investment continues to be underpinned by strong fundamentals, with tenants who signed up to a new tenancy during the month of August agreeing to an average rental increase of 3.1% year on year. Aldermore looks to support landlords wherever possible, and our recent product changes are a testament to our commitment to those in the buy-to-let market.”