Aldermore cuts buy-to-let rates
Specialist Bank Aldermore has reduced the rates on its buy-to-let 5-year fixed remortgage products for individual landlords as well as company landlords, available immediately with no product or valuation fees.
Individual landlords submitting remortgage applications through its residential portal have access to a 5-year fixed rate 75% LTV remortgage, reduced by 0.20% from 4.18% to 3.98% and a 5-year fixed rate 80% LTV remortgage reduced by 0.20% from 4.78% to 4.58%
Damian Thompson, director of mortgages, Aldermore, said: “We are committed to supporting a robust private rented sector that provides quality and choice to tenants across the UK.
“Landlords, no matter how big or small, play a significant role in today’s housing market so we believe it is our responsibility as a provider to ensure our products meet their needs and help them realise their ambitions.
“At Aldermore, we understand the recent changes to the buy-to-let market have presented new challenges, which is why we are constantly reviewing and improving our proposition to ensure landlords receive the financial support to assist the growth of the sector.”
For company landlords submitting remortgage applications through its commercial portal there’s a 5-year fixed rate 75% LTV remortgage, cut by 0.20% from 4.18% to 3.98%, a 5-year fixed rate 80% LTV remortgage reduced by 0.20% from 4.78% to 4.58% and a new multi property limited edition 5-yeary fixed rate remortgage at 3.78% to 75% LTV and 4.38% to 80% LTV.
Aldermore now accept new build flats for investment purposes and has reduced the interest cover ratio on the affordability calculation for customers that meet its definition of a basic rate taxpayer.