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Aldermore makes changes to resi and BTL propositions

Aldermore has announced a series of changes to its residential and buy-to-let mortgages propositions.

For residential mortgages, the specialist lender has reduced the minimum valuation for ex-public sector property outside of Greater London that it will lend on from £150,000 to £100,000  and increased the maximum property land size from three to six acres.

Regarding its BTL proposition, as well as the same two changes mentioned above, Aldermore will now consider new build flats up to 70 per cent LTV for first-time landlords and 75 per cent LTV for more experienced landlords, and has lowered ICRs for basic rate tax payers.

Aldermore director of mortgages Damian Thompson says: “The latest changes come at a time when it is vital to provide support in a challenging housing market – whether they are a first-time buyer with little or no deposit or a landlord looking to invest in a new property or remortgage an existing one.”

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