Aldermore looks to fill BTL gap created by Lloyds

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Aldermore has made changes to its buy-to-let range, following Lloyds Banking Group’s move to restrict its own presence in the market.

Aldermore’s two new fixed rate deals, are both available up to 75% LTV. There is a 5.69% two-year fix, with a 2.25% completion fee and a 5.99% four-year fix, with a completion fee of £1,495

Loans are available up to £600,000 for either the purchase or remortgaging of up to two buy-to-let properties per applicant, and a free legal facility is available on all remortgage business. The applicant must own at least one existing buy-to-let property and rental coverage should be at least 125% calculated using the higher of the pay rate or reversion rate.

Colin Snowdon, chief executive of Aldermore’s residential mortgage lending business, said: “Lloyd’s recent announcement was a real disappointment for many brokers

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