Specialist Bank, Aldermore has launched two lending tiers across its standard range of residential mortgages, with the aim of supporting more mortgage customers.
Available immediately, the two new tiers (standard level 2 and 3 ranges) mean the bank will now consider customers if they have: CCJs or defaults registered over six months and bankruptcy or IVA discharged for two years.
They will also consider customers if they have mortgage or secured loan arrears over three months ago and forced or voluntary possessions older than three years ago.
Aldermore’s system will always display the lowest possible rate for the customer. The rates are available up to 80% LTV on Aldermore’s standard range.
Charles McDowell, Aldermore’s commercial director, mortgages, said: “We understand that people’s situations can be complex but we are passionate about supporting the nation’s homeowners.
“Our human approach to lending enables us to consider each case on an individual basis so we can support those people with small credit issues.
“We have worked closely with our intermediary partners to design a process that makes the journey of using our tiered products as simple and straightforward as possible for both the broker and the borrower.”
The standard mortgage range level 2 is up to 80% LTV with a product fee of £999. For a 2-year fixed rate, rates are from 3.98%, three-year fixed rate, from 4.08% and five-year fixed rate from 4.18%.
The standard mortgage range level 3 comes with a product fee of £999 and is up to 75% LTV.
There’s a 2-year fixed rate at 4.48%, 3-year fixed rate at 4.58% and 5- year fixed rate at 4.68%.