Aldermore extends B2L range
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Aldermore has extended its buy-to-let range as it looks to fill the gap left by Lloyds Banking Groups’ decision to reduce its market share.
Aldermore is launching two new fixed rate deals, a 5.69% two-year fix, available up to 75% LTV, with a 2.25% completion fee.
And a 5.99% four-year fix available up to 75% LTV, with a completion fee of £1,495
Loans are available up to £600,000 for either the purchase or remortgaging of up to two buy-to-let properties per applicant, and a free legal facility is available on all remortgage business.
The applicant must own at least one existing buy-to-let property and rental coverage should be at least 125% calculated using the higher of the pay rate or reversion rate.
Colin Snowdon, chief executive of Aldermore Mortgages, says: “Lloyd’s recent announcement was a real disappointment for many brokers, but we’re doing our bit to help fill the market gap they have created. Not only is our new 5.69% fix extremely competitive, but we also expect our four-year fix to be popular with landlords seeking the certainty offered by longer-term rates.
“These products complement our existing buy-to-let range, which includes two year discounts starting at 4.98%, a 5.78% three year fix and a 5.93% five year fix. Our buy to let products and free legal facility will particularly appeal to landlords who want to remortgage and we anticipate significant interest from intermediaries.”
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