Aldermore is the latest addition to the Buy To Let Business Mortgage Club. This year Aldermore have continued to provide competitive mortgage rates and excellent customer service. Aldermore complements the existing panel of the Buy to Let Business Mortgage Club; their decisions are led by rational underwriting rules and their criteria are applied and adapted by highly experienced people. The Buy To Let Mortgage Club’s Managing Director – Ying Tan – is looking forward to the partnership with Rob Barnard’s team at Aldermore. He described their relationship with Aldermore as being strong and already having provided a number of benefits; his customers can now take advantage of the high quality service offered by Aldermore. Meanwhile Barnard sees his specialist distribution strategy and the approach that Aldermore takes in relation to buy to let lending as corresponding well with the concepts used by the Buy To Let Business Mortgage Club team.
Meeting the needs of more landlords
Buy to let mortgages are on the up – currently accounting for 11% of the UK mortgage market – due to continued difficulties for first time buyers in obtaining a mortgage and the prohibitive cost of home ownership for many; consequently the range of landlords is also increasing. Aldermore’s buy to let product range is geared towards what landlords really need; something that mainstream banks have failed to do. They can provide buy to let mortgages for both residential and commercial property and these are very accessible to landlords; a new buy to let landlord is only required to have a joint income of £25,000, while those with experience behind them do not require a minimum income. Aldermore’s requirements are very reasonable and all mortgages are considered on a case by case basis, providing an individualised service; small blips in credit history can usually be overlooked.
What is on offer
The mortgage rates offered by Aldermore are very attractive, with rates on their five year fixed buy to let mortgage recently having dropped by 0.55% to 5.48%; this offers great security for investors at little extra cost above those mortgages fixed for three years. Up to 70% loan to value mortgages are available, with a loans starting at £25,000 and a maximum loan size of £1million available. Landlords looking to make larger investments such as complexes of flats can also be catered for. If these propositions were not attractive alone, there are no associated legal costs, no fees and tempting procuration fees on offer.