Aldermore cuts buy to let rates and product fee

The specialist lender and savings bank, Aldermore, has slashed its buy to let rates by 2% and has reduced the rates in its residential mortgage range by up to 0.5%, while refreshing its overall landlord offering.

As part of Aldermore’s new offering, landlords purchasing or remortgaging single residential units will now have access to five-year fixed rate deals from 2.98%(4.4% APRC), reduced from 4.98%. The lender has also reduced the corresponding product fee from 2.5% to 2%.

Meanwhile, residential mortgages will now be available to homemovers from 2.88%(3% APRC) for a variable rate mortgage of up to 75% loan-to-value (LTV).

Other highlights from Aldermore include a standard residential two-year fixed rate mortgage at either 2.98%(4.6% APRC) up to 75% LTV, or at 3.28%(5.3% APRC) up to 80% LTV. Both of these deals are discounted by 0.5% and carry a product fee of £999.

In Aldermore’s remortgage range, two-year fixed rate deals are available at 3.28%(5% APRC) up to 75% LTV and at 3.58%(5.3% APRC) up to 80% LTV. These products have no valuation, legal or product fees. The rates are also discounted by 0.5% and an application fee of £199 applies.

The lender’s Help to Buy range includes a discounted two-year fixed rate of 3.88%(5.2% APRC) up to 75% LTV for purchase only. A product fee of £999 applies.

Charles McDowell, commercial director of mortgages at Aldermore said:

“Our latest rate reductions offer something for everyone, whether it’s landlords, homemovers, existing homeowners wanting to remortgage or those looking to get on the property ladder. These reductions reaffirm our commitment to offering a range of mortgage options based on customers’ needs.”

“As a result of the strong demand in the remortgage and buy-to let markets, we have looked to cut our rates to help our customers get the best deals possible.

“Additionally, our latest reductions of up to 0.5% on residential mortgages come at a time when the number of homemovers has remained stagnant for the last three years. These reductions provide support to customers who are hoping to make a move or take their first step on the property ladder.”


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