Aldermore is currently working with a small group of brokers, identified in conjunction with its panel of distributors, to process a limited number of mortgage applications as part of the final stage in its pre-launch systems testing programme.
Assuming a successful outcome, Aldermore anticipates being able to open its doors for business during the next few weeks.
In the residential market, Aldermore is targeting creditworthy borrowers being penalised by automated credit scoring systems and lenders who no longer employ skilled and experienced underwriters.
Loans for both house purchase and remortgaging will be available up to 80% LTV and applicants will have a choice of two-year discounts starting from 3.98% and three and five-year fixed rates starting from 4.93%.
In the buy-to-let market, Aldermore is targeting experienced buy-to-let landlords who are unable to remortgage or finance new properties due to the lack of buy-to-let funding.
Mortgages will be available up to 75% LTV for the purchase or remortgage of a single property, with a choice of two-year discounts starting from 4.98% and three and five-year fixed rates starting from 5.78%.
For residential mortgages no bankruptcy or IVAs will be accepted. no mortgage arrears in the last 12 months or CCJ’s/defaults in the last 36 months.
For buy-to-let no bankruptcy or IVAs, mortgage arrears, CCJs or defaults will be accepted.
Aldermore’s mortgage rate will be 4.98%.
Aldermore says it does not dual price and its new mortgage products will only be available via intermediaries.
When Aldermore does open its doors for business, its products will initially be made available to a select panel of intermediaries via leading mortgage networks and clubs including: 3mc, BDS, Legal & General, Mortgage Intelligence, Mortgage Next, Pink, PMS, PTFS and Sesame.
Appointed representatives and directly authorised mortgage brokers will have to register via their network or club before they can submit applications online.
Colin Snowdon, chief executive, residential mortgages at Aldermore, says: “I’m delighted that we’re now able to announce our product range and are finally processing real mortgage applications. Our current testing programme, which is being undertaken with the help of a small number of brokers, is proceeding well and I hope to be able to announce a launch date very soon.
“Our testing has shown that it will take brokers no more than a few minutes to submit a case online and get a decision in principle and we have a team of experienced underwriters here in Wilmslow who are ready to help applications complete as quickly as possible.
“I encourage brokers to now go online and see for themselves what we have to offer. We are taking a fresh perspective on the mortgage market, with a range of products designed to help creditworthy borrowers who are being frustrated by onerous credit scoring systems and a lack of available funding.
“We promise that when we do open our doors for business, brokers will receive a reliable and refreshingly straightforward service which is delivered by market-leading technology and a team of highly experienced mortgage experts.”