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.