Aldermore unveils its residential mortgages

Aldermore is expected to launch into the residential mortgage mar-ket in a few weeks, after it revealed details of its product range last week.

Loans for house purchase and remortgages will be available up to 80% LTV with a choice of two-year discounts from 3.98% and three and five-year fixed rates from 4.93%.

In the buy-to-let market Alder-more is targeting experienced landlords. Its mortgages will be available up to 75% LTV for purchases or remortgages, with a choice of two-year discounts from 4.98% and three and five-year fixed rates starting at 5.78%.

For residential mortgages no bankruptcies or individual voluntary arrangements will be accepted, nor will mortgage arrears in the past 12 months or County Court Judgements and defaults in the past 36 months. For buy-to-let no bankruptcies, IVAs, arrears, CCJs or defaults will be accepted.

Aldermore’s base mortgage rate will be 4.98%.

Its deals will initially be available via 3mc, BDS, Legal & General, Mortgage Intelligence, Mortgage Next, Pink, PMS, Personal Touch Financial Services and Sesame.

David Hollingworth, mortgage specialist at London & Country, says: “Aldermore’s ability to cater for customers who are not absolute prime will give it an edge.

“Its buy-to-let range seems competitive and will receive much interest from brokers.”