The deal was a three year fixed rate remortgage on a buy-to-let application submitted by L&G Mortgage Club on behalf of a borrower based in Mid Glamorgan, South Wales. The application, in common with all Aldermore remortgages, benefited from a free legal service. The application was submitted by L&G on 26th May and an offer was issued on 28th May. The case then completed on 4th June.
Colin Snowdon, chief executive, residential mortgages at Aldermore, said: “It’s great to have successfully completed our first deal, which means we’re now officially a mortgage ‘lender’! However, we’re under no illusion that completing one deal quickly is easy and we’re determined to provide the same fast, high quality service for the many thousands of applications which we hope will now follow on.”
Ben Thompson, director of mortgages at L&G Mortgage Club, said: “Congratulations to the residential mortgage team at Aldermore, who are now out of the starting blocks!
“The application, which was submitted to L&G Mortgage Club by Richard Williams of Weathersby Ltd, went through Aldermore’s underwriting system without any hitches. Their online application system is quick and easy to use and gives brokers a DIP and KFI in a matter of just a few minutes. I recommend other brokers to give Aldermore a go and experience for themselves the service on offer from this new lender.”
Aldermore’s buy to let products are available up to 75% loan to value for the purchase or remortgage of a single property, with a choice of two year discounts starting from 4.98% and three and five year fixed rates starting from 5.78%. In the residential market, mortgages are available for both house purchase and remortgaging up to 80% loan to value with a choice of two year discounts starting from 3.98% and three and five year fixed rates starting from 4.93%.