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Aldermore launches new ‘switch to fix’ mortgages
The two-year discounted variable rates enable borrowers to switch to a fixed rate at any point without paying a penalty
Aldermore has announced changes to its mortgage range, including the launch of discounted variable rate mortgages with a ‘switch to fix’ option, a new range of fixed rates and new buy-to-let mortgages.
The bank said it wants to ‘help both homeowners and landlords find the mortgage that’s right for them’.
Switch to fix
The new switch to fix options start as a two-year discounted variable rate, and borrowers have the option to switch to a fixed rate with the lender without incurring an early repayment charge.
Rates start from 5.23% up to 80% of the property’s value with a £999 fee, rising to 5.73% up to 90% loan to value.
New fixed rates
Aldermore has also launched a range of fixed rates, which come with a £999 fee.
The rates are as follows:
- 2-year fixed 6.68% up to 75% of the property’s value
- 5-year fixed 6.68% up to 75% of the property’s value
- 2-year fixed 6.98% up to 80% of the property’s value
- 5-year fixed 6.98% up to 80% of the property’s value
The lender also has a fee-free range, which includes:
- 2-year fixed 6.93% of the property’s value
- 5-year fixed 6.78% of the property’s value
- 2-year fixed 7.23% of the property’s value
- 5-year fixed 7.08% of the property’s value
Aldermore also has a range of fixed mortgages for those with just a 10% deposit, starting fromm 7.74%. Plus it offers mortgages to borrowers with mild credit blips, starting from 7.58%.
Buy-to-let mortgages
Aldermore also announced enhancements to its buy to let mortgage range, including new discounted rates with the ‘switch to fix’ option.
For individual and company landlords with single residential investment properties it has a two-year discount with a £1,999 fee, priced at 5.98% up to 75% loan to value.
The rate rises to 6.48% for landlords buying or remortgaging a House in Multiple Occupation or multi unit freehold block.
Jon Cooper, head of mortgages at Aldermore, said: “We’re delighted to introduce improvements to our mortgage range, providing new pricing to support prospective and existing homeowners and landlords.
“Right now, people need a different type of bank, one that gets finance where it’s needed. Our latest changes will deliver more options to borrowers looking to find the right deal for them.”