"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"
For both residential and buy-to-let lending, the bank has reduced the minimum valuation on ex-public sector property (outside of greater London) to increase accessibility for first-time buyers, and has increased the maximum property land size from three to six acres.
Aldermore has also introduced a reduced ICR for basic rate taxpayers and will now lend up to 70% LTV on new build flats for first-time landlords and to 75% LTV for existing landlords.
Damian Thompson, director of mortgages at Aldermore, commented: “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."
