Specialist bank Aldermore has expanded its lending criteria across its residential mortgage range, including increasing the maximum mortgage term from 35 to 40 years.
The loan-to-income ratio has increased from 4.5 to 5.5 for individuals or joint applicants with a total allowable income of at least £50,000, while it’s up to 4.5 with the Help to Buy equity loan scheme.
Damian Thompson, director of mortgages, Aldermore, said: “Our core purpose is to make it easier for everyone to get the home they want so we are very pleased to expand our mortgage options for customers.
“We know that people’s situations can be varied and complex, that they often don’t fit in the boxes other lenders require them to fit in, so it can be a real challenge to receive the financial support they need.
“Our human approach to lending, and our specialist advisers consider each case on an individual basis which gives us more of an opportunity to support our customers in helping them to find the mortgage that is right for them, whatever their circumstances.”
The lender is now lending £1m on its standard level 1 80% LTV product, up from £400,000. Aldermore is also now lending up to £500,000 to 95% LTV when it was previously up to £400,000.
The maximum LTV on standard level 3 has increased to 80%.
All communication defaults are now ignored. The level 1 limit has increased from £300 to £500 being allowed.
Aldermore will now lend on studio flats over 30 sqm, properties with more land, removing its maximum acreage rule and will no longer any restrictions on flat roof properties.