Aldermore has updated its proposition for buy-to-let and residential mortgages.
The specialist bank has made several changes to its criteria, including lowering Interest Coverage Ratio (ICR) for basic tax payers, new build flats up to 70% loan-to-value (LTV) for first time landlords and 75% LTV for existing landlords.
In addition, it has reduced the minimum valuation on ex-public sector property (outside of greater London) and increased maximum property land size from three to six acres.
Damian Thompson, director of mortgages at Aldermore, said: “We are pleased to announce the latest updates to our proposition for residential and buy-to-let mortgages.
“The latest changes come at a time when it is vital to provide support in a challenging housing market – whether they are a first time buyer with little or no deposit or a landlord looking to invest in a new property or remortgage an existing one.
“At Aldermore, our human approach to lending enables us to consider each case on an individual basis so we can support a range of home buyers.
“We pride ourselves on supporting individuals’ needs and aspirations and we are constantly looking to improve our proposition to do so.”
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