Aldermore’s maximum loan size on residential mortgages up to 80% LTV is £400,000.
Charles Haresnape, managing director of residential mortgages at Aldermore, said: “We’ve experienced increased demand for larger loans and we’re delighted to announce this criteria change which will help brokers tap-into this growing market.
“We understand the issues that are important to brokers when submitting large loan applications, including receiving quick decisions and having the ability to be able to discuss cases directly with underwriters. Brokers can be assured of a reliable, professional service when dealing with Aldermore.”
Mark Harris, managing director of Savills Private Finance, added: “It is great to see another lender offering to lend up to £1m to our clients. We are looking forward to working with Aldermore as they will discuss cases before submission – ideal for our market.”
John Malone, chairman of PMS, said: “I’m pleased to see another lender has moved into this particular market. Any lenders that raise their maximum loan size to £1m is obviously good news for the industry.”