New buy-to-let mortgages launched by Aldermore
Specialist bank Aldermore has announced changes across its buy-to-let mortgage range.
It is cutting rates for company landlords, bringing them into line with its buy-to-let range for private individuals, and the new rates will be available from Monday 23rd April.
The bank also intends to reduce its early repayment charges and will offer new remortgage products with no product, valuation or legal fees.
Aldermore is chopping rates for multi-unit freehold and HMOs, which will start from 4.38%, and term variable rates across the range, with rates starting from 3.28%.
New remortgage deals
The lender is launching a range of remortgage-only products for landlords, with no product, valuation or legal fees.
Plus, there will be a new multi-property product with discounted rates, availalbe to for those with an existing Aldermore mortgage, or new customers submitting a second or subsequent purchase and remortgage application.
Finally, Aldermore will now accept one year’s accounting information from landlords.
Charles McDowell, Aldermore’s commercial director, mortgages, said: “The buy-to-let sector plays an important role in the housing market so we are delighted to announce these latest changes, which provide further support to landlords. The sector has experienced significant change recently, so we regularly review our products to ensure we continue to support a broad range of customers, no matter how big or small their portfolio is.
“Our recent research within the landlord community revealed that over two fifths (41%) of portfolio landlords aim to expand their portfolio over the next 12 months, and of those who are not intending to buy any new properties, one in seven (15%) are still planning to remortgage some or all their current properties. Whatever their situation, we want to support these landlords as best we can through reducing rates, removing fees on our remortgage products plus decreasing the penalty for early repayments.”