Aldermore increases maximum loan size to £1m
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Aldermore has increased its maximum loan size from £600,000 to £1m on all residential mortgage deals up to 75% LTV.
Aldermore’s maximum loan size on residential mortgages up to 80% LTV is £400,000.
Charles Haresnape, managing director of residential mortgages at Aldermore, says it has experienced increased demand for larger loans and the criteria change should help brokers tap into this growing market.
He says: “We understand the issues that are important to brokers when submitting large loan applications, including receiving quick decisions and having the ability to be able to discuss cases directly with underwriters. Brokers can be assured of a reliable, professional service when dealing with Aldermore.”
Mark Harris, managing director of Savills Private Finance, welcomes the move, he says: “It is great to see another lender offering to lend up to £1m. We are looking forward to working with Aldermore as it will discuss cases before submission – ideal for our market.”
In March Nationwide launched its large loans offering and will now lend up to £2m for mortgages up to 75% LTV, this followed the move by Abbey for Intermediaries last November which launched two new larger loan products up to £2m.
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