Aldermore has relaunched a range of mortgage products designed to support borrowers who have ‘less than perfect’ credit to find a mortgage that’s right for them.

The lender has brought back its level two and three mortgage ranges as part of its commitment to support homeowners and first-time buyers. The new ranges are available on the lender’s standard mortgages as well as it’s Help to Buy: equity loan range.

Credit blips

The level two and three mortgages are more flexible on the borrower’s credit record, so could be more suitable for those who have experienced credit blips and would struggle to get a high street mortgage.

The bank said that it knows many customers have ‘complex financial histories or credit blips in their past, which can cause problems when trying to secure a mortgage or refinance’.

The level two and three tiers mean Aldermore will now consider those with credit issues in their past, including:

• CCJs or defaults registered over six months ago
• Bankruptcy or IVA discharged for two years
• Mortgage or secured loan arrears over three months ago
• Forced or voluntary possessions older than three years.

At level two, Aldermore has two and five-year fixed rate options available from 3.68% on mortgages up to 80% of the property’s value.

At level three the rates start from 4.18%.

Jon Cooper, commercial director of mortgages at Aldermore, said: “Life is a long road with many experiencing bumps along the way, so it’s reasonable to expect some may have had credit blips in the past. At Aldermore, we believe that less than perfect credit shouldn’t be a complete barrier to home ownership and people deserve the opportunity to realise their life goal of finding a home.

“We’re delighted to announce our expanded range for homeowners and first time buyers and, through our human approach to lending which enables us to consider each case on its individual merits, we can support customers in finding the right mortgage for them.”

Product changes

The lender has also brought back zero product fee options in its high loan to value (LTV) range, for borrowers with low deposits, alongside rate cuts throughout its mortgage range.