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’re withdrawing products across our mortgage range
We’re withdrawing all residential owner occupied and buy to let mortgage fixed rate products – from 6pm Monday, 26 June
We’ve made the decision to withdraw all fixed rate products across our buy to let and residential owner occupied range.
Due to the changes in the SWAP rates and the volatility in the market, we’ve made the decision to withdraw all residential owner occupied and buy to let mortgage fixed rate products from 6pm on Monday, 26 June.
We understand this can cause our intermediary partners stressful deadlines to lock in rates, criteria and stress tests for your clients and we’re pleased to let you know that you’ll have until 6pm Monday to submit decision in principle – NOT an application.
Your decision in principle will lock in the rate, stress test and criteria giving you a further 10 days to package your case and get it right first time to covert our DIP.
We’ve recently amended our packaging list and you’ll find all the requirements here, which may be different to what you’re presented with in the portal. Getting your case packaged right first time will help our packaging team to check and push into underwriting. See our packaging guide for more information.
We’ll honour any DIPs that refer before 6pm Monday which are later converted to accept.
New rates – Tuesday, 27 June
We’re relaunching our mortgage range on Tuesday, 27 June, introducing new buy to let, residential owner occupied and product switch rates.
We’re also launching a limited edition buy to let product for multiple properties on one application. Our multi property product lets you to place 2 to 30 properties one application, which means one account number, one LTV and one stress test.
Pipeline applications
We’ll process pipeline applications as usual and if you’d like to secure one of our products for your client, the latest you can submit a decision in principle (DIP) is 6pm Monday, 26 June.
New mortgage rates
New residential owner occupied, buy to let and product switch mortgage rates – from Tuesday, 27 June 2023
We’ve relaunched our mortgage range, introducing new buy to let, residential owner occupied and product switch rates.
Buy to let
Buy to let for individual landlords withsingle residential investment properties► 2 year fixed with 1.50% fee, 6.79% to 75% LTV► 5 year fixed with 1.50% fee, 6.69% to 75% LTV► 5 year fixed with 1.50% fee for properties with EPC rating of A, B or C, 6.59% to 75% LTV► 5 year fixed zero fee, 6.99% to 75% LTV
Buy to let for company landlords with single residential investment properties► 2 year fixed with 1.50% fee, 6.79% to 75% LTV► 5 year fixed with 1.50% fee, 6.69% to 75% LTV► 5 year fixed with 1.50% fee for properties with EPC rating of A, B or C, 6.59% to 75% LTV► 5 year fixed with zero fee, 6.99% to 75% LTV
Buy to let for individuals, companies, HMO and multi unit freehold (up to 6 bedrooms / 6 units)► 2 year fixed with 1.50% fee, 7.29% to 75% LTV► 5 year fixed with 1.50% fee, 7.19% to 75% LTV► 5 year fixed with 1.50% fee for properties with EPC rating of A, B or C, 7.09% to 75% LTV► 5 year fixed with zero fee, 7.49% to 75% LTV
Buy to let multi property product for Individual and company landlords with residential investment properties► 2 year fixed with 1.50% fee, 6.69% to 75% LTV► 5 year fixed with 1.50% fee, 6.59%% to 75% LTV► 5 year fixed with zero fee, 6.89% to 75% LTV► 5 year fixed ‘Limited Edition’ with 1.50% fee, 6.39% to 75% LTV
Buy to let multi property for individuals, companies, HMO and multi unit freehold (up to 6 bedrooms / 6 units)► 2 year fixed with 1.50% fee, 7.19% to 75% LTV► 5 year fixed with 1.50% fee, 7.09% to 75% LTV► 5 year fixed with zero fee, 7.39% to 75% LTV
Buy to let large loan HMOs and multi unit freeholds (7 – 12 bedrooms / 7 – 20 units)► 2 year fixed with 1.50% fee, 7.39% to 75% LTV► 5 year fixed with 1.50% fee, 7.29% to 75% LTV► 5 year fixed with zero fee, 7.59% to 75% LTV
Residential owner occupied
Residential owner occupied standard level 1► 2 year fixed with £999 fee, 6.84% to 75% LTV► 5 year fixed with £999 fee, 6.74% to 75% LTV► 2 year fixed with zero fee, 7.09% to 75% LTV► 5 year fixed with zero fee, 6.84% to 75% LTV► 2 year fixed with £999 fee, 7.34% to 80% LTV► 5 year fixed with £999 fee, 7.09% to 80% LTV► 2 year fixed with zero fee, 7.59% to 80% LTV► 5 year fixed with zero fee, 7.19% to 80% LTV
Residential owner occupied high LTV► 2 year fixed with £999 fee, 7.54% to 85% LTV► 5 year fixed with £999 fee, 7.29% to 85% LTV► 2 year fixed with zero fee, 7.79% to 85% LTV► 5 year fixed with zero fee, 7.39% to 85% LTV► 2 year fixed with £999 fee, 7.84% to 90% LTV► 5 year fixed with £999 fee, 7.59% to 90% LTV► 2 year fixed with zero fee, 8.09% to 90% LTV► 5 year fixed with zero fee, 7.69% to 90% LTV
Residential owner occupied standard level 2► 2 year fixed with £999 fee, 7.69% to 75% LTV► 5 year fixed with £999 fee, 7.44% to 75% LTV► 2 year fixed with zero fee, 7.94% to 75% LTV► 5 year fixed with zero fee, 7.54% to 75% LTV► 2 year fixed with £999 fee, 7.99% to 80% LTV► 5 year fixed with £999 fee, 7.74% to 80% LTV► 2 year fixed with zero fee, 8.24% to 80% LTV► 5 year fixed with zero fee, 7.84% to 80% LTV
Product Switch
Product switch residential owner occupied standard► 2 year fixed with zero fee, 6.84% to 75% LTV► 2 year fixed with zero fee, 7.34% to 80% LTV► 5 year fixed with zero fee, 6.74% to 75% LTV► 5 year fixed with zero fee, 7.09% to 80% LTV
Product switch residential owner occupied high LTV► 2 year fixed with zero fee, 7.54% to 85% LTV► 2 year fixed with zero fee, 7.84% to 95% LTV► 5 year fixed with zero fee, 7.29% to 85% LTV► 5 year fixed with zero fee, 7.59% to 95% LTV
Product switch residential owner occupied Help to Buy: equity loan► 2 year fixed with zero fee, 7.49% to 75% LTV► 5 year fixed with zero fee, 7.49% to 75% LTV
Product switch Buy to let for Individual and company landlords with single residential investment properties► 2 year fixed with zero fee, 6.79% to 75% LTV► 2 year fixed with zero fee, 7.04% to 85% LTV► 5 year fixed with zero fee, 6.69% to 75% LTV► 5 year fixed with zero fee, 6.94% to 85% LTV
Product switch Buy to let for HMO and multi unit freeholds (up to 6 rooms / 6 units)► 2 year fixed with zero fee, 7.29% to 80% LTV► 5 year fixed with zero fee, 7.19% to 80% LTV
Limited Edition and New Rates
Aldermore have relaunched their residential owner occupied, buy to let and product switch mortgage rates – from today, Tuesday, 27 June 2023.
We made the decision to withdraw all fixed rate products across our buy to let and residential owner occupied range last week due to the changes in the SWAP rates and the volatility in the market.
Limited edition buy to let rate
We’ve launched a new 5 year fixed buy to let ‘Limited Edition’ with 1.50% fee, 6.39% to 75% LTV.
This buy to let rate is also available for landlords who have multiple properties and want the ability to combine them on one application:
- You can place 2 to 30 properties on one application
- Which means one account number, one LTV and one stress test
For more information on our multi property product contact me or your BDM.
You’ll also find all our new rates on our website – intermediaries.aldermore.co.uk.
Aldermore Managed Rate increased by 0.50% to 9.48%
Following the 0.50% increase to the Bank of England Base Rate on 22 June, 2023, we’re increasing the Aldermore Managed Rate (AMR)* from 8.98% to 9.48%.
The change in AMR means our discounted variable, term variable rate mortgages and all reversion rates on fixed rate mortgages will increase by 0.50% for:
New and pipeline cases – for new business and product switchFrom 28 June 2023, all new illustrations and mortgage offers (origination and product switch) will reflect the new AMR. This will impact affordability in some cases.
Existing customersFrom 01 July 2023 all AMR linked variable rate accounts will be updated. We’re writing to all impacted customers to let them know their new interest rate and monthly payments.
*AMR is Aldermore’s standard variable rate for residential and buy to let mortgages.
Please note: We’ve updated our mortgage guides. You’ll find them here.
If you have any questions, contact your BDM or call 0333 321 1000.