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Aldermore extends let-to-buy offer

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Homeowners wishing to purchase a new home while letting out their existing property can now access a deal with Aldermore.

The lender has extended its let-to-buy criteria to allow borrowers to buy somewhere new while moving their existing home onto a buy-to-let deal.

Borrowers are able to purchase a new home up to a maximum loan-to-value of 80%.

Under previous rules, borrowers were not able to purchase the new property through Aldermore.

Additionally, Aldermore has refreshed both its residential and buy-to-let range. Criteria has been changed to allow family members such as aunts and uncles, plus foster parents or legal guardians, to contribute to gifted deposits.

Charles Haresnape, group managing director mortgages at Aldermore, said the changes will allow more borrowers to access its products.

“These changes provide greater flexibility for borrowers and are part of our commitment to continually improve our products and services for all mortgage customers,” he said.

“Extending our let-to-buy mortgage offering is a key milestone in Aldermore’s development. It allows home owners that wish to move, but who do not want to sell their house or are unable to, to purchase another property.”

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