Aldermore cuts residential and BTL product switch rates by up to 0.65%

The Bank has also aligned some of its five-year fixed rate options with its two-year fixed products.

The products are available to both residential owner-occupied and buy-to-let customers with single residential units once they have reached the end of their initial fixed rate period or their early repayment charges come to an end.

Standard residential rates now start from 2.50% and have seen reductions of up to 0.20% across 70%, 75% and 80% LTVs and 0.50% across 60% to 90% LTVs.

Buy-to-let rates for individual landlords now start from 2.70%, with reductions of up to 0.65%, while limited company rates have been reduced by up to 60bps and are now available from 2.95%.

All brokers with Aldermore clients will be sent an email notification to let them know they have a client whose rate is coming to an end. Last year, Aldermore launched a new product switch functionality with a six step online switching process.

Jon Cooper, head of mortgage distribution at Aldermore, commented: “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.”