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Aldermore relaunches buy-to-let offering

Aldermore Bank has relaunched its buy-to-let proposition, which includes a fee-free 5-year fix at 3.48% for individual landlords.

The maximum loan limits have been increased from £600,000 to £1m to 75% LTV, and from £400,000 to £500,000 to 80% LTV.

Meanwhile maximum terms have been extended from 35 to 40 years.

Damian Thompson, group managing director of retail finance, Aldermore, said: “Landlords play a pivotal role in the UK housing market and, as the Private Rented Sector continues to expand, it is important they have options and flexibility, so they can continue to provide for tenants.

“We are pleased to announce our latest commitment to supporting landlords, providing them with more choice, more flexibility and more options.

“We know landlords have varied and often complex portfolios that frequently do not fit in the boxes other lenders require them to fit in.

“We have listened to feedback from landlords and intermediaries, and this expansion of options gives us more opportunity to support landlords to find the mortgage that is right for them, whatever their circumstances.”

Regarding defaults, small settled defaults from 13 to 36 months are now accepted up to £500.

Meanwhile there are new products for portfolios up to £5m, new rate and fee options, and reduced HMO and multi-unit freehold products.

Martin Reynolds, chief executive of Simplybiz, said: “The number of criteria and product structure changes that Aldermore have made is a demonstration of the positive attitude they have for the buy-to-let market.

“It should also be seen as a positive view of the resilience and long-term requirements of the market.

“The ability to offer a longer term, higher loan sizes and loan purpose coupled with the new product flexibility will be welcomed by the intermediary market and will create new opportunities for their landlord clients. Well done Aldermore.”