Aldermore has cut the rates on a selection of its buy-to-let and NewBuy mortgage range.

New rates are as follows:

Buy-to-Let:

• 3 year fix: rate cut from 5.78% to 4.98% for 80% LTV loans with 2.5% completion fee
• 3 year fix: rate cut from 5.98% to 5.28% for 80% LTV loans and from 5.28% to 4.98% for 75% loans with £999 completion fee
• 5 year fix: rate cut from 5.48% to 5.28% for 80% LTV loans

NewBuy:

• 2 year fix: rate cut from 5.48% to 4.79% for loans with £999 completion fee
• 2 year fix: a new rate option of 4.99% with no completion fee has been introduced

Charles Haresnape (pictured), managing director of Residential Mortgages at Aldermore, said: “The demand for buy-to-let continues apace, as some buyers struggle to buy homes of their own. With rents reaching record highs, landlords are looking for ways to increase their borrowing and also release equity so that they can add to their property portfolios.

“As Britain’s leading challenger bank, we’re delighted to make these rate cuts to help property investors and further develop the buy-to-let market. We’re also delighted to be reducing the rates and introducing a new option without completion fees on our NewBuy range.”