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Challenger bank launches new mortgage deals for landlords

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Challenger bank launches new mortgage deals for landlords

Aldermore has announced it will launch two, new, fee-free deals for landlords who want to remortgage their existing product.

The new limited edition mortgages are both fixed for five years.

The first new deal is a five-year fix at 3.48% for landlords with a 25% deposit, a reduction from the previous rate of 3.98%.

Those with more modest equity of 20% of the property’s value can access a five-year fixed rate at 4.38%, which also comes with no fees. This is down from 4.88%.

Charles McDowell, commercial director, mortgages, at Aldermore, said: “Many suggest there will be an increase in Base Rate expected in the near future. Our limited edition five-year fixed offering is providing those in the buy-to-let market a chance to fix their mortgage payments and take advantage of current low interest rates.
“Buy-to-let continues to play a vital role in the housing market, as the number of renters in the UK grows. At Aldermore we regularly review our products to ensure we support our customers, and we are delighted to offer landlords remortgage products from 3.48% with no fees.”

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