"We’re aiming to offer more people the option to achieve their homeownership goals."
- Jon Cooper, director of mortgage distribution at Aldermore
Aldermore has announced the reintroduction of a broader range of mortgages for owner occupiers.
The reintroduced mortgages are specifically designed to do three things: help get first-time buyers onto the property ladder, provide greater mortgage choice for the self-employed, and offer mortgages to customers with historic credit issues who are struggling to get a mortgage elsewhere.
The mortgage products are organised over three levels of criteria, dependent on the customer’s credit profile:
• Level 1: rates from 5.44% with a £1,999 fee, up to 95% LTV.
• Level 2: rates from 5.84% with a £1,999 fee, up to 95% LTV.
• Level 3: rates from 6.34% with a £1,999 fee, up to 80% LTV.
Combined CCJs and defaults up to £300 per applicant will now be ignored across all levels of criteria. For Level 3, historic mortgage loan arrears, CCJs and defaults from six months are permitted and a maximum of three missed unsecured loan payments in 12 months are allowed, as long as the customer is currently up to date.
Aldermore’s most recent first-time buyer research discovered that 17% of prospective buyers reported having poor credit history and 23% were rejected for a mortgage.
Jon Cooper, director of mortgage distribution at Aldermore, commented: “We’re aiming to offer more people the option to achieve their homeownership goals. We back people to go for it in all walks of life; more choice for borrowers, increased resources for broker partners and ultimately, greater outcomes for those we serve. These latest changes cater to the diverse needs of today’s homebuyers, with Aldermore’s expert team on hand to unlock new possibilities for our customers.”
