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Lender increases LTV and scope for landlords

Aldermore is today increasing its maximum LTV for buy-to-let products from 75% to 80%.

The lender is also raising its maximum buy-to-let portfolio size from three properties and a lending ceiling of £1m to five properties and a ceiling of £2m, as well as reducing buy-to-let reversion rates by as much as 0.5%.

Charles Haresnape, managing director of residential mortgages at Aldermore, says: “We’re very comfortable with the way our buy-to-let portfolio is performing and feel the time is right to strengthen our range.

“These enhancements to both criteria and rates will ensure Aldermore’s residential buy-to-let products are among the most competitive available and I have no doubt they will be popular with both brokers and their clients.

David Whittaker, managing director at Mortgages for Business, says the new products are competitive and have unusual features such as flat fees.

He says: “It’s good to see Aldermore in the 80% LTV buy-to-let space, which is becoming more competitive.” James Harries, sales and marketing director at Manor Mortgages, says: “We are delighted to see Aldermore make such positive changes to kick off the new year, and to see signs of improving lender appetites. Let’s hope this bodes well for 2012.”

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