Aldermore launches new BTL products

Nia Williams

September 30, 2010

Aldermore is launching two new fixed rate deals, which will be available via brokers from today, Thursday 30th September.

The deals include a 5.69% 2-year fix available up to 75% loan to value, with a 2.25% completion fee and a 5.99% 4-year fix available up to 75% loan to value, with a completion fee of £1,495.

Loans are available up to £600,000 for either the purchase or remortgaging of up to two buy-to-let properties per applicant and a free legal facility is available on all remortgage business. The applicant must own at least one existing buy-to-let property and rental coverage should be at least 125% calculated using the higher of the pay rate or reversion rate.

Colin Snowdon, chief executive of Aldermore’s residential mortgage lending business, said: “Lloyds’ recent announcement was a real disappointment for many brokers, but we’re doing our bit to help fill the market gap they have created. Not only is our new 5.69% fix extremely competitive, but we also expect our 4-year fix to be popular with landlords seeking the certainty offered by longer-term rates.

“These products complement our existing buy-to-let range, which includes two year discounts starting at 4.98%, a 5.78% three year fix and a 5.93% five year fix. Our buy-to-let products and free legal facility will particularly appeal to landlords who want to remortgage and we anticipate significant interest from intermediaries.”

Aldermore’s buy-to-let products are being marketed to appointed representatives and directly authorised brokers via: 3mc, BDS, Intrinsic, Legal & General, Mortgage Force, Mortgages for Business, Mortgage Intelligence, Mortgage Next, Pink, Personal Touch, Platinum, PMS and Sesame.

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