BTL products include:
- 2 year fixed rates from 4.48% up to 75% LTV and from 4.78% up to 80% LTV
- 3 year fixed remortgage option with no valuation, legal or completion fees at 5.28% up to 75% LTV and 5.68% up to 80% LTV
- Term variable rates from 3.93% up to 75% LTV and from 4.48% up to 80% LTV
Aldermore's new HTB products include 3 and 5 year fixed rates at 5.99% up to 90% LTV and 6.09% up to 95% LTV.
The firm also announced that they almost doubled their 2013 figures, with underlying profit before tax now standing at £56m.
In 2014 the firm's return on equity increased from 12% to 15% and increased to 19% for H2 2014.
Aldermore also announced increased support for UK SMEs and homeowners. Net loans to customers rose by 42% to £4.8bn (2013: £3.4bn) while lending to SMEs was up by 32% to £2.2bn (2013: £1.7bn)
Residential Mortgages grew by 53% to £2.6bn (2013: £1.7bn)
Aldermore also revealed improved targets, expecting 2015 net loans to grow in line with the current nominal run rate, and cost/income ratio now to be less than 40% by the end of 2017.
Charles Haresnape, Managing Director, Mortgages and Commercial Lending, Aldermore says:
“Aldermore is committed to offering a range of mortgage options to suit individual customer needs and our new buy to let and help to buy products further highlights this commitment.
“Following the strong growth in mortgage volumes and house prices in 2014, we expect sensible and sustainable growth in the volume of mortgages written this year, with the buy to let likely to experience further growth when the annuity reforms come into force in April.”
Phillip Monks, CEO, commented:
“2014, was another great year with profit before tax on a like for like basis more than double that generated in 2013 and a return on equity approaching 20% for the second six months of the year.
“We continue to support SMEs and homeowners with our straightforward products and granted £2.4bn of new loans in 2014, our highest level to date. Our innovative online savings franchise also goes from strength to strength, with total deposits up by 29% to £4.5bn overall and, within this, SME deposits almost doubling to over £1bn.
“Our confidence in the outlook is reflected in our improved guidance. In 2015, we again expect to grow net loans in line with the current nominal run rate. We will continue to leverage our legacy-free operating platform and I now expect to deliver a cost/ income ratio of below 40% by the end of 2017.”
