Aldermore opens for business on Monday

Aldermore, the new intermediary residential and buy-to-let mortgage lender, will be opening its doors for business on Monday, following the successful completion of its systems testing programme.

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Aldermore is initially making its products available to a select panel of intermediaries via mortgage networks and clubs including: 3mc, BDS, Legal & General, Mortgage Intelligence, Mortgages for Business, Mortgage Next, Pink, Platinum and PTFS.

Appointed representatives and directly authorised mortgage brokers will be notified early next week, by their network or club, how they can register and then submit applications to Aldermore.

Colin Snowdon, chief executive of residential mortgages at Aldermore, says: “Our launch plan is initially to roll out our service via a panel of brokers selected by our distribution partners, so that we can carefully monitor the quality of business we receive and ensure the quality of service we provide.

“However, it’s then our intention to widen access to all broker members of our distribution partners. This roll out approach is an important part of our determination to provide excellent service levels.”

Aldermore says that feedback from brokers over the past few weeks has been extremely positive.

It revealed details of its products last week, they include loans for house purchase and remortgages 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 Aldermore 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%.