Aldermore has introduced a new range of limited edition buy-to-let products for private landlords looking to for loans up to £1 million.
Its new limited editionfive-year fixed rate is available to individuals applying for buy-to-let mortgages on single residential units.
In addition, Aldermore’s limited edition term variable rate buy-to-let mortgage now comes with no product fee.
Available immediately, the new term variable rate buy-to-let mortgage offers:
- 3.68%up to 75% LTV (loans £250,000 up to £1m)
- Application fee £199
- No product fee
Aldermore’s new five-year fixed rate offers:
- 2.79% up to 70% LTV (loans £25,000 up to £1m), down from 2.99%
- 2.99% up to 75% LTV (loans £25,000 up to £600,000), down from 3.25%
- 3.25% up to 80% LTV (loans £25,000 up to £400,000), down from 3.99%
- Application fee of £299
- Product fee of 1.50%
Charles Haresnape (pictured), Aldermore’s group managing director, mortgages, said: “The change in the base rate has led to the average five-year fixed rate for a 75% loan-to-value buy-to-let mortgage falling below 4% for the first time, and now is a great time for landlords to remortgage some or all of their portfolios.
“Buy-to-let as an investment continues to be underpinned by strong fundamentals, with tenants who signed up to a new tenancy during the month of August agreeing to an average rental increase of 3.1% year on year. Aldermore looks to support landlords wherever possible, and our recent product changes are a testament to our commitment to those in the buy-to-let market.”
