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Aldermore introduces new lending tiers

Jordan Williams | 14:53 Tuesday 24th April 2018

Aldermore has announced the launch of two new lending tiers across its standard range of residential mortgages.

Available immediately, the new standard level two and three product ranges aim to widen Aldermore's support to customers who don't fit the standard lending criteria of mainstream lenders.

Customers will be considered if they have:

  • CCJs or defaults registered over six months
  • bankruptcy or IVA discharged for two years
  • mortgage or secured loan arrears over three months ago
  • forced or voluntary possessions older than three years

Charles McDowell, commercial director of mortgages at Aldermore, said: “We understand that people's situations can be complex but we are passionate about supporting the nation's homeowners.

“At Aldermore, our human approach to lending enables us to consider each case on an individual basis so we can support those people with small credit issues.

“We have worked closely with our intermediary partners to design a process that makes the journey of using our tiered products as simple and straightforward as possible for both the broker and the borrower.”

The rates on the standard range are:

Standard mortgage range level two:

  • up to 80% LTV – product fee £999
  • two-year fixed rate – from 3.98%
  • three-year fixed rate – from 4.08%
  • five-year fixed rate – from 4.18%

Standard mortgage range level three:

  • up to 75% LTV – product fee £999
  • two-year fixed rate – 4.48%
  • three-year fixed rate – 4.58%
  • five-year fixed rate – 4.68%
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