Aldermore Bank has reduced its product switch rates for existing customers.

The bank has also cut the cost of some of its five-year fixed rates to match its two-year rates, so customers can fix at the same low rate for longer. This provides certainty that their mortgage payments won’t increase at a time when other day-to-day costs might be rising.

The switching products are available to existing customers once they have reached the end of their initial fixed rate period or their early repayment charges come to an end.

The new product switch rates are available with no legal or valuation costs and include:

• Two-year fixed rates – from 2.50% reduced by up to 0.20% across 70%, 75% and 80% loan to value (LTVs)
• Five-year fixed rates – from 2.50% reduced by up to 0.50% across 60% to 90% LTV (all products)

For landlords the new product switch rates include:

• Two-year fixed rates – from 2.70% reduced by up to 0.25% across 60%, 65%, 70% and 75% LTVs
• Five-year fixed rates – from 2.70% reduced by up to 0.65% across 60% to 85% LTV (all products)

For landlords operating under a limited company structure, the new rates include:

• Two-year fixed rates – from 2.95%, reduced by up to 0.20% across 70% and 75% LTVs
• Five-year fixed rates – from 2.95%, reduced by up to 0.60% to 85% LTV (all products)

Jon Cooper, head of mortgage distribution at Aldermore, said: “I’m delighted to introduce our new product switch range which offers some of our cheapest rates yet and, alongside our streamlined broker switching portal, we’re providing benefits to both brokers and customers alike.

“2022 is a year we want to show our ambition to seek growth and innovation in what services we can provide for our customers and broker partners. This is a next step in that process as we continue to deliver the best products we can and ensure our service is as straight-forward and seamless as possible.”