Brilliant Solutions

Aldermore Product Update

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.

Aldermore Managed Rate increased by 0.15% to 4.73%
Aldermore Managed Rate Change
We’ve reviewed the Aldermore Managed Rate (AMR)* following the recent 0.15% increase to the Bank of England Base Rate.
From 1 February 2022 we’re increasing AMR to 4.73%, (from 4.58%).
The change in AMR means Aldermore’s term variable rate mortgages and all reversion rates on fixed rate mortgages will increase by 0.15%.

Existing customers
We’ll be writing to all impacted customers to let them know their new interest rate and monthly payments, which will apply from 1 February 2022. We’ll also include some frequently asked questions in the mailing.
New and pipeline cases 

From 1 February 2022 all new ESIS and mortgage offers (origination and product switch) will reflect the new AMR.
*AMR is Aldermore’s standard variable rate for residential and buy to let mortgages.

Please note: Our mortgage guides will be updated on 1 February 2022. 
Changes to our residential mortgage range – Aldemore

I wanted to let you know about the changes we’re making to our residential mortgage range – from 19 January 2022.

We want to help support your clients, whether they’re looking to get on the property ladder, have complex needs, less than perfect credit, or want to secure a better deal, so we’ve introduced the new reduced rates and incentives below:

Reduced rates on our level 1 products with £999 fee for purchase and remortgage:

  • 2 year fixed 2.78% to 75% LTV
  • 5 year fixed 2.98% to 75% LTV
  • 2 year fixed 3.08% to 80% LTV
  • 5 year fixed 3.28% to 80% LTV

New level 1 products – fee free; no product, valuation, funds transfer fee
for purchase and remortgages and free standard legals on remortgages:

  • 2 year fixed 3.08% to 75% LTV
  • 5 year fixed 3.38% to 75% LTV
  • 2 year fixed 3.28% to 80% LTV
  • 5 year fixed 3.58% to 80% LTV

As a result, we’re also withdrawing our level 1, fee free remortgage range:

  • 2 year fixed 3.38% to 75% LTV
  • 5 year fixed 3.68% to 75% LTV
  • 2 year fixed 3.58% to 80% LTV
  • 5 year fixed 3.88% to 80% LTV

We’ll process any pipeline applications as usual. If you want to secure one of these products for your client, the latest you can submit a decision in principle (DIP) is 6pm, Tuesday 18 January 2022. 

DIPs will remain valid for 30 days and this will need to be submitted to full application for a DIP accept within this time. If you need to resubmit a DIP, you’ll need to select a new product from the range that’s available at the time of submission.

We’ll be updating our mortgage guides and information on our website on Wednesday, 19 January.

If you need any more detail, please get in touch with your BDM, thanks.

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