Aldermore loosens bridging criteria

Aldermore has loosened its bridging criteria by reducing its minimum valuation for light refurbishment from £100,000 to £75,000.

The move brings its bridging offering in line with its buy-to-let range.

In addition, the lender has reduced the minimum age for those qualifying from 25 to 21, except if the applicant is a first-time landlord. It has also extended its family gifted deposit to cover additional family members (aunts and uncles) and foster parents or legal guardians.

Aldermore group managing director Charles Haresnape says: “As the demographics of who is seeking a bridging loan changes, and we increasingly move away from the idea of ‘the average customer’, a reduction in the minimum age reflects our commitment to continually improve our products and services and to provide more flexible and bespoke financing options for our borrowers.

“As the bridging market continues to grow and develop, expanding our bridging offering is an essential step in helping those customers looking for alternative finance that best suits their needs.”