Lender also reintroduces 95% LTV for owner occupiers
Specialist lending bank Aldermore has unveiled a number of rate reductions across both its buy-to-let and residential owner-occupied mortgages.
For residential owner-occupied mortgages, the bank has made adjustments, including a 0.50% reduction on all fixed rates for new customers and a parallel reduction of up to 0.50% for existing customers. The new rates start from 5.04%.
The move is coupled with the reintroduction of 95% LTV, providing increased choices for first-time buyers. Maximum LTVs for new builds have also been raised to 90% for houses and 85% for flats, while LTVs for remortgages with capital raising for non-property related purposes now reach up to 85%.
On its buy-to-let range, Aldermore is extending the rate reduction of 0.50% to all fixed rates for new customers and up to 0.50% for existing customers across individual and company landlords. The rates for this category begin at 4.29%, with LTVs reaching up to 75%.
Additionally, for house in multiple occupation (HMO) and multi-unit freehold properties with up to six bedrooms or units, the lender is implementing identical rate reductions, offering rates from 4.79% and LTVs up to 75%.
“We’re still only in January, but 2024 has already seen major shifts in the property market,” Jon Cooper (pictured), head of mortgages at Aldermore, commented. “Lenders across the board are doing their utmost to react to a competitive rate environment.
“Aldermore has taken time to assess the market changes thoroughly and analyse how to best serve our borrowers. As a result, we’re now pleased to introduce these major rate reductions, as well as back customers at 95% LTV where there are limited options available in today’s marketplace. We hope that these improvements continue to enable our broker partners to support both landlords and owner occupier customers with their property aspirations.”
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