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Tuesday, October 17, 2017

Products

Aldermore reduces remortgage rates

Jordan Williams | 14:51 Tuesday 3rd October 2017

Specialist lender Aldermore has announced changes to its owner-occupier range across both remortgage and purchase-only products.

The product changes are aimed at customers who are looking to save money on their monthly payments or who are unable to switch to a better deal with their current lender.

The new products changes are:

– reduced standard limited edition remortgage-only products:

  • two-year, fixed rate remortgage only at 2.38% up to 75% LTV (no upfront fees) -reduced by 0.1%
  • two-year, fixed rate remortgage only at 2.68% up to 80% LTV (no upfront fees) – reduced by 0.1%.

– new standard limited edition purchase-only products:

  • two-year, fixed rate purchase only at 2.38% up to 75% LTV
  • two-year, fixed rate purchase only at 2.68% up to 80% LTV.

Aldermore said that it was lowering its remortgage rates at a time when too many people were stuck on standard variable rates.

“In an environment of consistently low interest rates, it’s tempting for homeowners to relax and go with the flow when it comes to their mortgage,” said Charles McDowell, commercial director, mortgage at Aldermore.

“But if they’re on their lender’s standard variable rate, it’s likely they could get a better deal elsewhere and save money on their monthly payments, or pay off their mortgage quicker.

“The opportunity to remortgage could also offer customers the chance to free up some cash, giving borrowers, in particular the self-employed, more flexibility.”

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