"Our core purpose is to make it easier for everyone to get the home they want so we are very pleased to expand our mortgage options for customers."
As part of the changes, Aldermore has increased its maximum mortgage term from 35 to 40 years and its loan to income ratio from 4.5 to 5.5 for individuals and joint applicants with a total income of over £50,000.
The lender has also introduced higher LTV limits across its lending levels. It will now lend up to £1 million on Standard Level 1 at 80% LTV and £500,000 up to 95% LTV, up from a previous limit of £400,000. Additionally, it will increase the maximum LTV on its Standard Level 3 range to 80%.
Aldermore has also expanded the types of property it will now lend on. It has removed restrictions on flat roof properties and its maximum acreage rule, and will now consider studio flats over 30 sqm.
Damian Thompson, director of mortgages at Aldermore, commented: “Our core purpose is to make it easier for everyone to get the home they want so we are very pleased to expand our mortgage options for customers. We know that people’s situations can be varied and complex, that they often don’t fit in the boxes other lenders require them to fit in, so it can be a real challenge to receive the financial support they need.
“Our human approach to lending, and our specialist advisers consider each case on an individual basis which gives us more of an opportunity to support our customers in helping them to find the mortgage that is right for them, whatever their circumstances.”
