Aldermore Bank has announced that it has recommitted its support to landlords with a range of new products, reduced rates and expanded fee options.
The lender revealed that as part of the criteria changes, its maximum loan limits have increased from £600,000 to £1m up to 75% LTV and from £400,000 to £500,000 up to 80% LTV.
Additionally, the maximum term has increased from 35 to 40 years, all communication defaults will now be ignored, and small settled defaults from 13 to 36 months are accepted up to £500.
Product changes include new rate and fee options, with a fee-free five-year fixed rate remortgage product now starting from 3.48% for individual landlords.
New products have also launched for submitting multiple property portfolios on one application and for portfolios up to £5m.
Aldermore has reduced HMO and multi-unit freehold products, simplified and reduced its single valuation fee scale, and introduced free valuation and assisted legal fees for single residential investment properties.
Damian Thompson, managing director of retail finance at Aldermore, commented: “Landlords play a pivotal role in the UK housing market and, as the Private Rented Sector continues to expand, it is important they have options and flexibility, so they can continue to provide for tenants. We are pleased to announce our latest commitment to supporting landlords, providing them with more choice, more flexibility and more options.
“We know landlords have varied and often complex portfolios that frequently do not fit in the boxes other lenders require them to fit in. We have listened to feedback from landlords and intermediaries, and this expansion of options gives us more opportunity to support landlords to find the mortgage that is right for them, whatever their circumstances.”