Aldermore announces lending tier expansion

According to Aldermore, the two new standard level 2 and 3 ranges mean the Bank will now take into account if customers have CCJs or defaults registered over 6 months, Bankruptcy or IVA discharged for 2 years, mortgage or secured loan arrears over 3 months ago or forced or voluntary possessions older than 3 years.

The new tiers offers brokers an immediate lending decision and Aldermore’s system will always display the lowest possible rate for the customer. The rates are available up to 80% LTV on Aldermore’s Standard Range.

Standard Mortgage Range Level 2 features include:

Up to 80% LTV – product fee £999
2 year fixed rate – from 3.98%
3 year fixed rate – from 4.08%
5 year fixed rate – from 4.18%

And for Standard Mortgage Range Level 3, the features are:

Up to 75% LTV – product fee £999
2 year fixed rate – 4.48%
3 year fixed rate – 4.58%
5 year fixed rate – 4.68%

Charles McDowell, Aldermore’s Commercial Director, Mortgages comments: “We understand that people’s situations can be complex but we are passionate about supporting the nation’s homeowners. At Aldermore, our human approach to lending enables us to consider each case on an individual basis so we can support those people with small credit issues. We have worked closely with our intermediary partners to design a process that makes the journey of using our tiered products as simple and straightforward as possible for both the broker and the borrower.”