Big changes to Aldermore’s residential mortgage range
With effect from today, Wednesday 24 April, Aldermore sees some exciting changes across its residential mortgage range. These changes provide greater flexibility and choice for a wider range of customers including first time buyers, second steppers and those looking to remortgage.
The key changes are highlighted below with more detail available in the Residential Product Guide and Lending Criteria Guide.
Aldermore can lend more…
- A Higher LTI ratio: increased loan to income ratio to 5.5 for individuals or joint applicants with a total allowable income of at least £50,000 (or up to 4.5 with the Help to Buy: equity loan scheme);
- Higher loan amounts: now lend £1m to 80% LTV, and £500,000 to 95% LTV;
- Higher LTV limits: increased the maximum LTV on our level 3 tier to 80%;
- Longer terms: now lend for up to 40 years.
…on a wider range of properties
Now lending on:
- Studio flats over 30 sqm;
- Properties with more land: we’ve removed our maximum acreage rule;
- Flat roof properties: 100% flat roof now allowed.
New products and rate changes
Revised rates on existing products, and new additions:
- 85% LTV purchase-only product;
- 3 year fixed 85%, 90% & 95% purchase or remortgage-only product.
