Finance available: Buy to let mortgages. Residential mortgages. Commercial mortgages. Bridging loans. Property development finance.
Access: Mainstream residential products can be accessed via Aldermore Mortgages. Aldermore Bank offers more commercially focused products which can only be accessed via Mortgages for Business and selected other brokers.
Buy to let mortgages: Aldermore Mortgages offers a variety of tracker, discounted and fixed rates to individuals looking to purchase standard buy to let property. Aldermore is especially good for the older borrower and for professional landlords as it allows borrowers to be up to the age of 85 years at the end of the mortgage term and imposes no minimum income requirement. It will also consider minor adverse credit and whilst it does check applicants’ credit profiles, it doesn’t use the scoring system when making lending decisions.
Aldermore Bank works well for more complex buy to let applications including HMOs, multi-units and limited company buy to lets, including trading businesses.
The PRA has issued the requirement for additional underwriting for portfolio landlords.
Aldermore’s definition of a portfolio landlord is an applicant (either an individual or corporate body) who has four or more mortgaged buy to let properties across all lenders. From the 1st October 2017 in addition to the usual documents which support a mortgage application, Aldermore will require full details of the borrower’s property portfolio and a business plan.
Aldermore will ask for cash flow forecasts and statement of assets and liabilities if the borrower has mortgages with Aldermore on 11 or more buy-to-let properties.
Commercial mortgages: Aldermore Bank provides commercial mortgages to investors and business owner-occupiers. It operates across a variety of industry sectors but tends to avoid lending on pubs, restaurants, petrol stations, agricultural land, health clubs, schools and care homes.
Bridging Loans: Aldermore Bank offers bridging loans on buy to let or commercial properties to investors and businesses. Aldermore provides a case by case assessment when underwriting rather than focusing on credit scores. Aldermore has announced that it will stop accepting bridging applications from 1st September 2016.
Property development finance: Aldermore Bank offers property development finance at up to 75% loan to cost for experienced property developers working on residential or mixed use developments. Aldermore aim to provide a decision in principle within 24 hours of receiving the loan application.
To access this lender call The Deal Placement Team on 0345 148 9238 now.
Lenders change their criteria on a regular basis, so this page should be used as a guide only. We will do our best to keep it up to date.
Last updated: 11/07/2017
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