Specialist lender launches replacement for Help to Buy mortgage guarantee

Specialist UK lender Aldermore has refreshed its residential mortgage products with a reduction in rates on many and a replacement for the Help to Buy mortgage guarantee scheme.

It has also launched a new high LTV range, up to 95%, for buyers with low deposits which includes a two year fixed at 4.98%, three year fixed at 4.98% and five year fixed at 5.08%.

Aldermore has reduced early repayment changes as well as introducing a new overpayment allowance of up to 10% of the outstanding balance every year.

‘Our new products for 2017 offer something for everyone, whether it is lower rates or the ability to overpay without penalty. Additionally, we are proud to continue offering 95% LTV products to those with low deposits,’ said Charles Haresnape, group managing director for mortgages at Aldermore.

He explained that the firm’s research shows that the closure of the Help to Buy mortgage guarantee scheme could mean over half of first time buyers having to adjust their purchase plans.

‘Aldermore has reaffirmed its commitment to offering the products our customers truly want, especially where there is a very clear demand. Aldermore has always listened carefully to our brokers and customers to make sure our product range gives them the best possible option for their situation, and our individual underwriting process that looks at applicants on a case by case basis means that no-one will be unfairly penalised by a computerized approach,’ Haresnape added.