New landlord mortgage launched by Aldermore
Specialist Bank, Aldermore, has launched a new buy-to-let multi-property remortgage product for landlords.
The limited edition product comes with no valuation or product fee and free standard legal fees. It is available to customers with an existing Aldermore mortgage, new customers submitting a second or subsequent remortgage application(s), or submitting multiple applications at the same time.
The deals are available immediately for a limited period and include a five-year fixed rate up to 75% of the property’s value at 3.48% and another up to 80% of the property’s value at 3.78%.
Damian Thompson, director of mortgages at Aldermore, said: “The buy-to-let sector plays a pivotal role in the housing market so we are pleased to launch our latest product. The limited edition products provide further support to landlords looking to remortgage one or multiple properties at the same time.
“The buy-to-let market has experienced vast amounts of change over the past two years, due to a multitude of regulatory, underwriting and tax changes. Our recent research shows that individual landlords are feeling the force of these changes, as they are less optimistic than portfolio landlords, about the opportunity the buy to let market currently offers. Over two fifths (41%) of portfolio landlords aim to expand their portfolios over the next 12 months, whereas just over one in 10 (12%) individual landlords plan to purchase more properties.
“With this in mind, we recognise the challenges individual landlords are facing, so we continue to review our products in order to provide landlords with the support they need.”