"Conditions have been tough the past year particularly for those that do not necessarily have simple or straightforward finances"
Aldermore’s new limited edition products for purchase and remortgage are fee-free with no product and valuation or funds transfer fee, with free legals on remortgages. Two-year fixed rates start from 2.48% at 75% LTV and 2.78% at 80% LTV, while five-year equivalents are available at 2.68% and 2.98% respectively.
Aldermore has also re-introduced its 95% LTV proposition for purchase only. A two-year fixed rate starts at 5.08% and a five-year fix is available at 5.28%, both with a £999 fee.
Additionally, products across its standard level 1 range have reduced by 10bps. Two-year fixed rates now start at 3.08% at 75% LTV and 3.38% at 80% LTV, while five-year fixed rates have been reduced to 3.28% at 75% LTV and 3.58% at 80% LTV, all with a £999 fee.
Selected fee-free remortgage products have also been lowered by 10bps. Two-year fixed rates start from 3.38% up to 75% LTV and 3.58% at 80% LTV, with five-year fixes reducing to 3.68% and 3.88% across the same LTV bands.
Aldermore lends to 5.5x income for individuals or joint applicants with a total allowable income of at least £50,000 and a maximum term of 40 years. It will consider applicants that have had communications defaults and all defaults registered over three years ago, alongside applicants who’ve taken government grants or bounce back loans.
Jon Cooper, head of mortgage distribution at Aldermore, commented: “We're delighted to be expanding our range of owner occupied mortgages and reducing the rates of some of our most popular products. There is a lot of motivation among buyers to put those home buying plans devised during lockdown into action so whether you’re a first-time buyer, home mover or looking to remortgage, we want to help find a solution that can fit your individual circumstances.
“Conditions have been tough the past year particularly for those that do not necessarily have simple or straightforward finances, such as the self-employed or those with blips on their credit history, but the market is very much open for business again. It’s important people see they have opportunity to realise their home ownership dreams, which is why we consider every application on its own merits, and pride ourselves on tackling even the more challenging applications and, if there’s a way to make it happen, we’ll find it.”
