Aldermore seeks to help ‘trapped’ borrowers with new remortgage range

Aldermore has launched a new limited edition range of residential remortgage products targeted at those borrowers ‘trapped’ on standard variable rates (SVRs).

Borrowers looking to remortgage will now have access to what Aldermore says is its lowest-ever remortgage rate of 2.48%, up to 75% loan-to-value (LTV).

Also included in the new range is a two-year fixed remortgage product at a rate of 2.78%, up to 80% LTV.

Three-year fixed rate products are available at rates of 2.58%, up to 75% LTV and 2.88%, up to 80% LTV.

In a statement, the lender said that these products would be ideal for those customers looking to raise capital from their property, as Aldermore will allow them to release funds from their investment.

Those borrowers stuck on their current lenders’ SVRs would benefit from Aldermore’s manual approach to underwriting, the statement said.

While the range has no upfront fees, borrowers must pay a funds transfer fee of £30 upon completion.

Charles McDowell, commercial director, mortgages at Aldermore, said: “Our new remortgage product offering, in conjunction with our manual approach to underwriting, is ideal for those customers who are currently ‘trapped’ on their standard variable rate.

“As people’s circumstances change, for example if they have become self-employed or have split from a partner, their affordability may be impacted which means they may not be able to switch to another deal with their current lender.

“There are millions of borrowers across the UK on SVRs who could be getting better deals. Now is the time for advisers to get in front of those borrowers.”

 

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