Aldermore increases BTL property allowance to three
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Aldermore has increased the maximum number of properties it will accept on residential buy-to-let mortgage applications from two to three, subject to a total exposure of £1m.
This change is being implemented immediately on all new residential buy-to-let applications.
Charles Haresnape, managing director of residential mortgages at Aldermore, says: “The rental market continues to go from strength-to-strength and demand for buy-to-let mortgages is increasing. We’ve received a number of enquiries from brokers asking if we will accept applications from the same applicant for more than two properties and we’re therefore delighted to announce this enhancement to our lending criteria.”
Applicants must own at least one existing buy-to-let property. Aldermore works with clients to assess affordability and rental coverage should be 125% at the product pay rate or reversion rate, whichever is higher.
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