Aldermore improves let to buy lending criteria

Aldermore Mortgages has announced the latest changes to its let to buy criteria, enabling home owners to purchase a new owner-occupied property while retaining their original home as a buy to let.

Until now, Aldermore only allowed borrowers to remortgage their property onto a buy to let mortgage, it did not allow borrowers to take out a residential mortgage for the onward purchase.

In addition, Aldermore has made some revisions to its residential mortgage and standard buy to let mortgage range, including widening its family gifted deposits to cover aunt/uncle, foster parent or legal guardian.

Commenting on the improvements, Charles Haresnape, group managing director of mortgages for Aldermore said:

“These changes provide greater flexibility for borrowers and are part of our commitment to continually improve our products and services for all mortgage customers. Extending our let to buy mortgage offering is a key milestone in Aldermore’s development. It allows home owners that wish to move, but who do not want to sell their house or are unable to, to purchase another property.”