"The latest changes to our BTL range are designed to support landlords at every stage of their journey, from first-time investors to experienced portfolio holders"
- Jon Cooper - Aldermore
Aldermore has announced that it has introduced a series of rate reductions across its full range of mortgage products, covering both buy-to-let and residential owner-occupier options. The new pricing applies to new and existing customers, and the changes are effective immediately.
Changes for new customers
In the residential owner-occupier range, Level 1 fixed rates up to 80% loan-to-value have been reduced by 0.10%, bringing starting rates down to 5.19%. For Level 1 loans with LTVs between 80% and 95%, rates have been lowered by up to 0.20%, now beginning at 5.74%.
More significant adjustments have been made in the Level 2 and 3 categories. Fixed rates up to 80% LTV in these tiers have dropped by 0.20%, with new rates starting at 5.59%. Level 2 products above 80% LTV have been reduced by up to 0.25%, with rates from 6.19%.
Buy to let products have also seen notable changes. For individual and company landlords with single residential properties, 2-year fixed rates have been cut by up to 0.20%. These are now available with a range of fee structures, including zero fee, 1.50%, 3%, and 5%, with headline rates starting at 3.49%. The 5-year fixed deals in this category are down by up to 0.25%, also with varied fee options, including a £1,999 fixed fee and starting rates from 4.34%.
For landlords managing portfolios of residential properties, Aldermore has lowered 2-year fixed rates by up to 0.20%. These products are now offered with fee options of zero, 3%, or 5%, with rates beginning at 3.44%. The 5-year fixed rates in this segment have been reduced by up to 0.25%, now starting at 4.29%, with a similar fee structure.
Properties in the house in multiple occupation and multi-unit freehold block categories have also been included in the rate cuts. Individual and company landlords can access 2-year fixed rates reduced by up to 0.30%, with available fees including zero, 3%, and 5%. Rates for these products now start at 3.69%. The corresponding 5-year fixed products have been lowered by up to 0.35%, with the same fee options plus 1.50%, 7%, and £1,999 fixed fees, beginning at 4.44%.
Landlords with multi-property HMO or MUFB portfolios will see similar reductions. The 2-year fixed options are now up to 0.30% lower, starting at 3.64%, and the 5-year fixed equivalents have been reduced by as much as 0.35%, with entry rates from 4.39%.
Updates for existing customers
Existing residential owner occupiers switching products will benefit from a 0.10% cut on standard 2- and 5-year fixed rates, with pricing starting at 5.39%. For high LTV options, reductions of up to 0.20% have been applied, bringing starting rates to 5.94%.
Buy-to-let customers with single residential investment properties will now find all fixed rates 0.20% lower, beginning at 5.79%. For existing HMO and MUFB customers, fixed rates have been reduced by 0.30%, with rates starting from 5.89%.
“We know it’s a competitive market right now, and lenders must be proactive if they want to win business from brokers," comments Aldermore's director of mortgages, Jon Cooper (pictured). "The latest changes to our BTL range are designed to support landlords at every stage of their journey, from first-time investors to experienced portfolio holders, while our broader mortgage range continues to help residential customers find the right solution for their homeownership needs.”
