Aldermore Bank has made changes to its buy-to-let (BTL) proposition, reducing rates and introducing new products and fee options.
Notable new products include an 80% loan-to-value (LTV) 2-year fix at 3.88%, and an 80% LTV 5-year fix at 3.98%. Both products are for individual landlords with single residential properties and include a 1.5% fee.
The bank has also reduced its 75% LTV 5-year fix by 0.30% to 3.48%, with a 1.5% fee.
For company landlords with single residential properties, the lender has introduced an 80% LTV 2-year fix at 3.98% and an 80% LTV 5-year fix at 4.08%. Both deals include a £1,999 fee.
For multi-property landlords with single residential properties, it has reduced the 75% LTV 5-year fix by 0.30% to 3.28%, with a 1.5% fee.
For individual and company landlords with houses in multiple occupation (HMOs) up to six bedrooms, and multi-unit freehold blocks (MUFBs) up to six units, Aldermore has introduced a 75% LTV 5-year fix at 4.28% with no fees.
It has also added a 75% LTV 5-year fix at 4.08% without any fees for individual and company landlords with multi property HMOs up to six bedrooms and MUFBs up to six units.
Aldermore offers assisted legal fees, free valuation and no funds transfer fee on remortgages for individual and company landlords with single unit products, alongside free legal fees for individual landlords.
Jon Cooper, head of mortgage distribution at Aldermore, said: “With so many people evolving their working lives away from offices and into their homes, now more than ever we can see the value a robust and high quality private rented sector plays in the UK housing market.
“With the outlook for the economy looking more favourable, due to the success of the vaccination programme and the near ending of social distancing restrictions, now is the time many landlords will be considering their future strategies.
“So we’re delighted to announce a wave of new products and better rates to help those landlords, both big and small, realise those future portfolio goals.
“According to the latest BDRC data, over six in 10 landlords intend to fund their next portfolio purchase with a buy to let mortgage, so at Aldermore we work closely with our broker partners to ensure we’re providing products that align with landlords’ needs.
“Our human approach to lending enables us to consider each application on their own merits, even if complicated in nature or a customer has credit blips in the past, which gives us an opportunity to help as many people as we can with their borrowing needs.”
Danny Belton, head of lenders relationships at Legal & General Mortgage Club, added: “Aldermore’s range refresh is certainly something to be welcomed by advisers and landlords, alike.
“The reduced rates and increased product choice can only be seen as a step in the right direction and the timing is great given that many landlords that locked into 5-year fixed rate deals ahead of the introduction of the stamp duty surcharge will now be on the hunt for a new product.”