Specialist Bank, Aldermore, has announced today that it has cut rates on its 5 year BTL fixed remortgage products for individual and company landlords.
According to the lender, the updated products are available immediately with no product or valuation fees and include a 5 year fixed rate 75% LTV remortgage reduced by 0.20% from 4.18% to 3.98% and a 5 year fixed rate 80% LTV remortgage reduced by 0.20% from 4.78% to 4.58% for Individual landlords.
Company landlords submitting remortgage applications through Aldermore's Commercial portal now have access to a new 5 year fixed rate 75% LTV remortgage reduced by 0.20% from 4.18% to 3.98%, a 5 year fixed rate 80% LTV remortgage reduced by 0.20% from 4.78% to 4.58% and a new Multi Property Limited Edition 5 year fixed rate remortgage at 3.78% to 75% LTV and 4.38% to 80% LTV.
Aldermore now accept new build flats for investment purposes and we've also reduced the interest cover ratio on the affordability calculation for customers that meet our definition of a basic rate tax payer.
Damian Thompson, Director of Mortgages, Aldermore, comments: “We are committed to supporting a robust private rented sector that provides quality and choice to tenants across the UK. Landlords, no matter how big or small, play a significant role in today’s housing market so we believe it is our responsibility as a provider to ensure our products meet their needs and help them realise their ambitions.
At Aldermore, we understand the recent changes to the buy-to-let market have presented new challenges, which is why we are constantly reviewing and improving our proposition to ensure landlords receive the financial support to assist the growth of the sector.”