Aldermore increases loan size & removes minimum income on BTL range
New British bank Aldermore has further enhanced its buy to let range of mortgage products, by making changes to its product criteria.
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- Removal of requirement for minimum income of £25,000 for experienced landlords
Rental coverage remains at 125% of the pay or revert rate (whichever is the higher) and earned income will continue to be verified to confirm the applicant’s ability to withstand future interest rate changes and rental voids.
Loans will still be available up to 75%, to a maximum of £600,000, the maximum age for borrowers has recently been increased to 85 and Aldermore now accepts applications from first time landlords. The changes apply to all buy-to-let products with immediate effect.
Charles Haresnape, Managing Director of Residential Mortgages at Aldermore, said:
“These changes make what is already a competitive product range even more appealing. Earlier this month we launched a summer special 2 year fixed rate of just 4.18%, which is available up to 75% LTV and we’re also offering further fixed, discounted and variable rate deals.
"The combination of attractive rates and accommodating criteria give brokers and their clients even greater choice.”
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