The specialist bank, revealed that there has been some criteria changes for buy-to-let, including lowering ICRs for basic rate tax payers, new build flats up to 70% LTV for first time landlords and 75% LTV for existing landlords, a reduction in the minimum valuation on ex-public sector property (outside of greater London) and increased maximum property land size from 3 to 6 acres.
The changes to residential products are:
• Reducing minimum valuation on ex-public sector property (outside of greater London) making them more accessible to first time buyers
• Increased maximum property land size from 3 to 6 acres
Damian Thompson, Director of Mortgages, Aldermore comments: “We are pleased to announce the latest updates to our proposition for residential and buy-to-let mortgages. The latest changes come at a time when it is vital to provide support in a challenging housing market – whether they are a first time buyer with little or no deposit or a landlord looking to invest in a new property or remortgage an existing one.
At Aldermore, our human approach to lending enables us to consider each case on an individual basis so we can support a range of home buyers. We pride ourselves on supporting individuals’ needs and aspirations and we are constantly looking to improve our proposition to do so.”
