Aldermore scraps buy-to-let remortgage fees in range overhaul

Aldermore has revamped its buy-to-let mortgage range, aligning rates for company landlords with its individual buy-to-let range, reducing its early repayment charges and launching new remortgage products with no product, valuation or legal fees.

Related topics:  Mortgages
Rozi Jones
19th April 2018
BTL buy to let sign
"The sector has experienced significant change recently, so we regularly review our products to ensure we continue to support a broad range of customers"

Aldermore has reduced rates for multi-unit freehold and HMOs, starting from 4.38% for a two-year fixed rate up to 75% LTV, and cut term variable rates across the range which now start from 3.28%.

The lender has also launched a new Multi Property product with discounted rates for those with an existing Aldermore mortgage, or new customers submitting a second or subsequent purchase and remortgage application.

In a criteria change, Aldermore will now consider one year's accounting information, aimed at self-employed landlords who have only been trading for a short period of time.

Charles McDowell, commercial director of mortgages at Aldermore, commented: “The buy-to-let sector plays an important role in the housing market so we are delighted to announce these latest changes, which provide further support to landlords. The sector has experienced significant change recently, so we regularly review our products to ensure we continue to support a broad range of customers, no matter how big or small their portfolio is.

“Our recent research within the landlord community revealed that over two fifths (41%) of portfolio landlords aim to expand their portfolio over the next 12 months, and of those who are not intending to buy any new properties, one in seven (15%) are still planning to remortgage some or all their current properties. Whatever their situation, we want to support these landlords as best we can through reducing rates, removing fees on our remortgage products plus decreasing the penalty for early repayments.

“We also aim to ensure we provide the highest level of service to our brokers, so we are launching a fully responsive broker portal, accessible from smart phones or tablets. Also available from Monday 23rd April, the portal will enable brokers to complete an illustration and get a quote or submit a decision in principle for their client quickly and efficiently using any device. Ultimately we hope this will help them deliver the highest quality of service to their customers.”

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