The new product is aimed specifically at borrowers who believe that interest rates will remain at their current low level for the immediate future.
The product, which is available for purchase or remortgage, offers a variable rate for the full term of the mortgage, with the following features:
• 4.98% to 70% LTV
• 5.28% to 75% LTV
• 1.5% completion fee
• No minimum income requirement
• Fee free legal facility on all remortgages
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, adds weight to the argument that we may be in for a sustained period of low interest rates.
“Our new term variable rate buy-to-let product is designed to appeal to landlords who are economic doves and want to benefit from continued low interest rates. With a completion fee of only 1.5% and a fee free legal package, this product is ideally suited to landlords wanting to remortgage.”
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.
