Aldermore extends let-to-buy criteria

Aldermore has revamped its let-to-buy criteria, allowing borrowers to purchase a new property while retaining their old property as a buy-to-let.

Previously, the lender simply allowed the borrower to remortgage their property onto a buy-to-let mortgage.

The purchase of the new property will be capped at a maximum LTV of 80 per cent.

Further, the lender has extended its family gifted deposit criteria to cover additional family members (aunts and uncles) and foster parents or legal guardians.

Aldermore group managing director of mortgages Charles Haresnape says: “These changes provide greater flexibility for borrowers and are part of our commitment to continually improve our products and services for all mortgage customers.

“Extending our let-to-buy mortgage offering is a key milestone in Aldermore’s development. It allows home owners that wish to move, but who do not want to sell their house or are unable to, to purchase another property.”