Aldermore Bank is streamlining its mortgage product offerings and capped LTV options on residential and buy-to-let products.
This is to allow the bank to focus on supporting its existing customers during a period of high request volumes.
In streamlining its product offerings, Aldermore will be temporarily reducing its mortgage range open to new customers, including credit-adverse and Help to Buy equity loan products, alongside withdrawing their 3-year fixed rate products and term variable products.
All HMO and multi-unit freehold products up to six bedrooms/units will be put on hold at this time.
Existing applications, where a product has already been reserved, will continue to progress.
Due to physical valuations under the government restrictions, Aldermore has in general moved towards remote valuations for owner-occupied properties and buy-to-let single unit applications.
Where remote valuations are not possible, Aldermore is currently working through how this can be remedied but until that time more complicated valuation cases have been put on hold until new processes can be created for them or physical valuations recommence.
Jon Cooper, head of mortgage distribution at Aldermore, said: “It has been an extraordinary few weeks for the industry and the country as a whole, and this has led to the necessary decision to temporarily reduce our options for new customers.
“Our aim is to continue to support the market as much as possible while we work hard to maintain the service required to our customers during this worrying time for many.
“We fully understand and appreciate this is a period of stress and anxiety for many customers and we are focussed on providing them with the service and flexibility they expect and need at this time.
“We would like to thank all our customers and brokers for their patience and understanding at this time – we are here to get through this together.”