Aldermore cuts buy-to-let rates

Michael Lloyd

April 19, 2018

Specialist bank Aldermore has reduced rates for company landlords, now under a buy-to-let range for private individuals, available from Monday 23 April.

The bank also intends to reduce its early repayment charges and will offer new remortgage products with no product, valuation or legal fees.

There’s reduced rates for multi-unit freehold and HMOs, with rates from 4.38% involving a 2-year fixed rate purchase and remortgages up to 75% LTV. The lender also reduced term variable rates across the range, with rates from 3.28%.

Charles McDowell, Aldermore’s commercial director, mortgages, said: “The buy-to-let sector plays an important role in the housing market so we are delighted to announce these latest changes, which provide further support to landlords.

“The sector has experienced significant change recently, so we regularly review our products to ensure we continue to support a broad range of customers, no matter how big or small their portfolio is.

“Our recent research within the landlord community revealed that over two fifths (41%) of portfolio landlords aim to expand their portfolio over the next 12 months, and of those who are not intending to buy any new properties, one in seven (15%) are still planning to remortgage some or all their current properties.”

There’s a multi property product with discounted rates for those with an existing Aldermore mortgage, or new customers submitting a second or subsequent purchase and remortgage application(s).

One year’s accounting information will now be considered – which is ideal for self-employed landlords who have only been trading for a short period of time.

McDowell added: “Whatever their situation, we want to support these landlords as best we can through reducing rates, removing fees on our remortgage products plus decreasing the penalty for early repayments.

“We also aim to ensure we provide the highest level of service to our brokers, so we are launching a fully responsive broker portal, accessible from smart phones or tablets.

“Also available from Monday 23rd April, the portal will enable brokers to complete an illustration and get a quote or submit a decision in principle for their client quickly and efficiently using any device.

“Ultimately we hope this will help them deliver the highest quality of service to their customers.”

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