Aldermore renews residential focus with new products and improved LTIs

Aldermore has announced a "fresh focus on residential homeowners", launching several new limited edition products alongside increasing its loan-to-income (LTI) limits.

In its Level 1 range, the bank has launched new two-year fixed rates with zero fees, starting at 5.94% up to 85% LTV, 5.99% at 90% LTV, and 6.29% at 95% LTV.

New Level 2 two-year fixes are available at 6.48% up to 85% LTV and 6.64% at 90% LTV.
 
Alongside the limited edition launches, Aldermore’s affordability criteria now offers improved LTI multiples. Eligible borrowers with an income between £40,000 and £60,000 can now receive up to five and a half times their income, depending on LTV and subject to overall affordability. 

Borrowers with a household income greater than £60,000 can now borrow up to six times their income if their LTV is below 80%. 

As a result of the changes, customers with a household income of £70,000 could now access up to £35,000 in additional borrowing if they have a deposit of 20% or more. Those on lower incomes will also benefit; a family with a combined income of £45,000 could access a total loan amount more than £20,000 greater than before, even with just a 5% deposit.

Jon Cooper, director of mortgages at Aldermore, commented: “Aldermore backs people who want to make things happen, whether it’s buying your first home, moving up the ladder, or investing in property. We’re reigniting our residential mortgage proposition, and brokers will see targeted enhancements to our owner-occupier range in the months ahead.

“I’m especially pleased to announce higher LTI limits. For many clients, this could be the difference between securing their home or missing out, and this offers a real opportunity for brokers to deliver more for their customers.”