Aldermore announced some product changes. See below for more information. For information on their current products and criteria call our team or click here. REMEMBER, you can access the Aldermore range using our Direct to Lender mortgage club so do contact us for further information. For any Documents Click here. Calculators Click Here.
We’ve improved our residential mortgage range, helping you find the right mortgage for your clients
We understand the challenges facing residential homeowners and recognise that making the numbers stack up on affordability is so important for your clients. We’ve listened to your feedback and have spent time focusing on how our products can meet your clients needs during these unpredictable times.
We’ve increased our self-employed lending limits:
We know that affordability can be tough for the self-employed that’s why we’ve increased our maximum LTV from 85% to 90% for owner occupied self-employed customers with less than 2 year’s trading.
- Customers with 1 years’ accounting information will be considered, but we’ll also require their last 3 months business and personal bank statements
- We may request other supporting documentation, such as evidence of previous employment in similar line of work, guaranteed income for next accounting period or accounts for the first 6 months of the current financial year that demonstrate the income is stable or increasing
We’ve increased our allowable income:
We’ve increased the percentage of income sources that can be used as part of a client’s affordability on both owner occupied and buy to let applications.
- We’ll now use 100% of evidenced income on overtime, bank nursing, universal credit, working tax credit, child tax credit and disability allowance
- We’ll also now use 75% of evidenced income on commission and bonus, up from 50%