Your guide to Aldermore for intermediaries

Mortgage brokers, also known as intermediaries, help their clients especially in the beginning of their homeownership journey. These mortgage professionals serve as the bridge between banks or other mortgage lenders and aspiring homeowners in the United Kingdom. As such, intermediaries need to partner with lenders that are bent on working with them to provide topnotch services for their clients.

There are broker-centric lenders and mortgage companies that have intermediary-only platforms. One of them is Aldermore for intermediaries. This bank has provided an online page that caters only to intermediaries. They aim to support intermediaries by helping them look for the right funding solutions on behalf of their clients.

In this article, Mortgage Introducer will discuss how Aldermore for intermediaries can help mortgage brokers in the UK with their platform. This online portal is exclusive for intermediaries in the country. We will also take a closer look at their highly effective mortgage processes as well as their product offerings. Want to know if Aldermore for intermediaries is the lender for you? Read more to find out.

Introduction to Aldermore for intermediaries

Aldermore Bank PLC is registered in England and authorised by the Prudential Regulation Authority (PRA). It is also regulated by the Financial Conduct Authority (FCA). Aldermore is a retail bank in the UK with an exclusive platform for intermediaries that assists these mortgage professionals by showcasing their home loan products with ease.

For hassle-free access, intermediaries can browse Aldermore's tools and guides on their online portal. In this ‘for intermediary only' website, Aldermore for intermediaries uses a broker-centric approach and provides support for UK-based mortgage brokers in terms of the following:

• affordability calculators
• guide for lending criteria
• guide for mortgage products and rates
• current service levels

Aldermore cuts residential mortgage rates by up to 0.50% https://t.co/w1FcTK3D0A

— Aldermore Bank (@AldermoreBank) August 14, 2024

Eligibility criteria for applicants of Aldermore for intermediaries

Below are the eligibility criteria for mortgage brokers who want to apply for a home loan on behalf of their clients:

• the maximum number of applicants per home loan is two
• they must have been resident in the UK for the last two years
• they must be 21 years old at the time of application
• the maximum age at the end of the term is 70 years old; Aldermore for intermediaries can consider up to age 80 years for the older applicant in a joint application
• applications in sole names for married, common law, or civil partners are allowed; anyone on the Title Deed must be on the mortgage application
• all European Union and European Economic Area (EEA) nationals must have either settled or pre-settled status or in receipt of a biometric residency permit
• all other non-UK and Republic of Ireland nationals are acceptable if they have indefinite leave to enter or remain or if they have rights of abode or biometric residency permit under the No Time Limit Application

The UK’s leading mortgage brokerage firms work with lenders like Aldermore for intermediaries. You might want to check out some of them on our list of top mortgage intermediaries.

Requirements for employed applicants

Below is a list of requirements for those who are employed and want to apply for a mortgage with Aldermore for intermediaries:

• the applicant’s position must be permanent
• the applicant must not be under notice of termination or redundancy
• the applicant must be able to demonstrate a minimum of three months record of employment immediately preceding the mortgage application in the same line of work

Applicants who will be rejected by Aldermore for intermediaries

Unfortunately, Aldermore for intermediaries will not lend to some applicants that fall under certain categories. They will be automatically rejected along with a few exceptions. These are applicants who:

• have diplomatic immunity
• have Power of Attorney for another joint applicant
• have been employed on a commission only basis; unless applying jointly with another applicant and income is not being taken into consideration
• are considered piece workers; unless applying jointly with another applicant and income is not being taken into consideration
• are working for seasonally based job positions such as crop pickers and holiday representatives

Products and services offered by Aldermore for intermediaries

Now that you have learned about the eligibility criteria for applicants of Aldermore for intermediaries, the next step is to explore the different mortgage products that they offer. Clients can choose from these home loan services and pick the one that best matches their monetary capacity and personal goals. There are three main products offered by Aldermore for intermediaries:

1. residential mortgage
2. buy to let mortgage
3. product switching

Let us take a closer look at each mortgage product:

1. Residential mortgage

Aldermore for intermediaries offers three levels of residential lending criteria to help mortgage brokers find the right mortgage for their clients. These levels are capped by their corresponding maximum loan-to-value (LTV) ratios:

• standard level 1 – up to 90% LTV
• standard level 2 – also up to 90% LTV
• standard level 3 – up to 80% LTV

For residential mortgages, Aldermore for intermediaries also offers an exclusive broker portal where intermediaries can register and create accounts.

2. Buy to let mortgage

The buy to let mortgage product is tailor-made for all types of landlords. Aldermore for intermediaries wants to help those who are interested in improving their property portfolios. They offer the following rates for individual and company landlords with single residential investment properties:

• 5-year fixed with zero fee plus 5.79% to 75% LTV
• 5-year fixed with 1.50% fee plus 5.49% to 75% LTV
• 5-year fixed with 5.00% fee plus 4.79% to 75% LTV

Multi property buy to let mortgage

For multi property buy to let mortgage, Aldermore for intermediaries offers these rates for individual and company landlords with residential investment properties:

• 5-year fixed with zero fee plus 5.69% to 75% LTV
• 5-year fixed with 1.50% fee plus 5.39% to 75% LTV
• 5-year fixed with 5.00% fee plus 4.69% to 75% LTV

3. Product switching

Intermediaries can switch their clients to a new mortgage loan with Aldermore for intermediaries. They will also be able to get a 0.3% procuration fee for successful product switching.

Below is a list of requirements for intermediaries who want to switch their clients to an Aldermore mortgage product:

• clients who are up to date with their mortgage payments
• clients who are switching their current balance
• clients who are on a discounted variable rate with the ‘switch to fix’ feature can switch to a new fixed rate at any time during their discounted term, without early repayment charges
• clients who are in the last 17 weeks of their current mortgage deal
• clients whose initial deal has ended and are on the Aldermore Managed Rate (AMR)
• commercial clients on the Aldermore Mortgages Transition Rate (AMTR)

Want to learn more about Aldermore for intermediaries’ product switching? Watch this video about a mortgage broker who worked with Aldermore for intermediaries. Hear about his experience with Aldermore’s product switch portal. He explained how easy it was to switch the home loan of one of his clients to an Aldermore mortgage service using the portal:

What are Aldermore for intermediaries’ mortgage rates?

For applicants with less than perfect credit scores, Aldermore for intermediaries offers the following maximum LTV ratio for first time buyers, home movers, and remortgages:

• For a maximum loan size of £1 million: 65%, 75%, and 80%
• For a maximum loan size of £500,000: 85% and 90%

The mortgage rate for home loans amounting to £1 million starts at 4.94% with the highest rate being 5.69%. For mortgage loans amounting to £500,000, the lowest rate is 6.49% and the highest rate is 7.39%. You may check out the rates and any changes to these figures on Aldermore for intermediaries’ online portal.

Curious to learn about other mortgage lenders’ home loan rates? You can bookmark our guide to mortgage rates to find out the latest mortgage rates from all the top UK banks and mortgage lenders. Check back weekly or favourite this page to keep an eye on the mortgage industry’s ever-changing rates.

Is Aldermore for intermediaries a subprime lender?

Short answer: yes. Subprime lenders are mortgage companies, banks, or any type of lender that issues loans to borrowers with low credit ratings. According to Aldermore for intermediaries, they will consider mortgage applicants with less than perfect credit, including those on debt management plans.

Aldermore is a subprime lender because they can still consider applicants with low credit ratings and even those with previous financial problems. For them, these monetary issues should not hinder potential home buyers from being able to secure a mortgage.

Borrowers with low credit scores

For borrowers who do not have the expected credit score to get the usual mortgage deals, Aldermore can help. They will look at a client’s mortgage application on its own merits. They can also assist those who are unable to fulfill their loan payment obligations.

Many factors can make credit scores ‘bad’ or ‘poor’ in the perspective of banks or mortgage lenders. Borrowers with vague credit histories are most likely to be placed under this category. However, there are other reasons why one’s credit score is low. Some of the most common reasons are:

• missing payments on a loan
• failing to pay loan obligations in time
• being neck-deep in debt
• having been declared bankrupt or insolvent
• having been served a County Court Judgement (CCJ)

Want to know more about what’s in store for you when you partner with Aldermore for intermediaries? Check out this video of a mortgage broker sharing their experience of working with Aldermore for the first time:

To learn more about credit scores and how they can affect your client's chances of getting a mortgage, read this article.

Working with Aldermore for intermediaries

Working with Aldermore for intermediaries can be an advantage, especially when looking for the right home loan for your clients. Aldermore’s commitment to help intermediaries can be seen through their online portal where everything you need to know is explained in detail. There are also helpful documents and presentations which are free to download.

If you choose to work with Aldermore for intermediaries, you have a greater chance of propelling your career to the next level. But if you want to work with other mortgage lenders, we have other guides for lenders with intermediary-only platforms. Check out some of them below:

• Your guide to Accord for intermediaries
• Your guide to Barclays for intermediaries
• Your guide to Coventry for intermediaries
• Your guide to HSBC for intermediaries
• Your guide to Nationwide for intermediaries
• Your guide to NatWest for intermediaries

Would you be interested in working with Aldermore for intermediaries? Tell us about your insights in the comments section below