Aldermore has refreshed the criteria across its residential mortgage range.
The changes implemented by the specialist bank include:
- an increase in the maximum mortgage term from 35 to 40 years
- an increase in the loan to income (LTI) ratio from 4.5 to 5.5 for individuals or joint applicants, with a total allowable income of at least £50,000 (up to 4.5 with the Help to Buy equity)
- will now lend up to £1m on its standard level 1 80% LTV product (previously £400,000)
- increased the maximum LTV on standard level 3 to 80%
- all communication defaults are now ignored, while the level 1 limit has been increased to £500
Damian Thompson, director of mortgages at Aldermore (pictured above), said: “Our core purpose is to make it easier for everyone to get the home they want, so we are very pleased to expand our mortgage options for customers.”
Aldermore has also expanded the types of property it will lend on, which now includes:
- studio flats over 30m2
- properties with more land, removing its maximum acreage rule
- no longer any restrictions on flat-roof properties
Damian added: “We know that people’s situations can be varied and complex, that they often don’t fit in the boxes other lenders require them to fit in, so it can be a real challenge to receive the financial support they need.
“Our human approach to lending, [whereby] our specialist advisers consider each case on an individual basis, gives us more of an opportunity to support our customers in helping them to find the mortgage that is right for them, whatever their circumstances.”
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