Aldermore has added a buy-to-let product to its Limited Edition range of mortgages.
The new product, which is available for purchase or remortgage, offers a variable rate for the full term of the mortgage, is priced at 4.98% up to 70% LTV and 5.28% to 75% LTV.
There is a 1.5% completion fee, no minimum income requirement and a fee-free legal facility on all remortgages.
Loans are available up to £600,000 to 75% LTV for up to two buy to let properties per applicant. Applicants must own at least one existing buy to let property and rental coverage should be at least 125% calculated using the pay rate. Early Repayment Charges are 3% in year one, 2% in year two and 1% in year three.
Aldermore’s buy-to-let products are being marketed to appointed representatives and directly authorised brokers via 3mc, BDS, Intrinsic, Legal & General, Mortgage Force, Mortgages for Business, Mortgage Intelligence, Mortgage Next, Pink, Personal Touch, Platinum, PMS and Sesame.
Colin Snowdon, chief executive of Aldermore’s residential mortgage lending business, said: “The Bank of England’s recent decision to hold base rates at 0.5% for the 19th consecutive month
