Aldermore has reintroduced products and rate reductions in its residential mortgage range to support homeowners and first time buyers.

Its re-introduced tiers, level 2 and 3 options, mean the bank will now consider those with more complex credit issues in their past, such as CCJs or defaults registered over 6 months, bankruptcy or IVA discharged for two years, mortgage or secured loan arrears over 3 months ago, or forced or voluntary possessions older than three years.

New products available are as follows:

• Level 2 – 2 and 5 year fixed rate options from 3.68 with loan to value (LTV) up to 80%
• Level 3 – 2 and 5 year fixed rate options from 4.18%, with LTV up to 80%

According to Aldermore’s First Time Buyer Index, 38% of prospective first time buyers were rejected for a mortgage once and 43% were rejected for a mortgage more than once. The number one reason for the rejection was credit history issues. Recognising this, Aldermore bank has also re-introduced level 2 and level 3 in its Help to Buy: equity loan range providing greater options for first time buyers.

These new products are:

• Level 2 – 2 and 5 year fixed rate options from 4.38% with loan to value (LTV) up to 75%
• Level 3 – 2 and 5 year fixed rate options from 4.88%, with LTV up to 75%

Aldermore has also reduced rates and re-introduced zero product fee High LTV options:

• Rate reductions at 85% and 90% LTV on £999 fee products (between 0.20% – 0.30%).
• Re-introduction of zero product fee options at 85%, 90% and 95% LTV with free valuations. Plus free legals on remortgages.

Jon Cooper, commercial director of mortgages, Aldermore, said: “Life is a long road with many experiencing bumps along the way, so it’s reasonable to expect some may have had credit blips in the past. At Aldermore, we believe that less than perfect credit shouldn’t be a complete barrier to home ownership and people deserve the opportunity to realise their life goal of finding a home.

“We’re delighted to announce our expanded range for homeowners and first time buyers and, through our human approach to lending which enables us to consider each case on its individual merits, we can support customers in finding the right mortgage for them.”