Previously the bank allowed borrowers to remortgage an owner-occupied property onto a buy-to-let mortgage.
The purchase on the new property will be subject to a maximum 80% loan-to-value.
Charles Haresnape, group managing director, mortgages, Aldermore said:
“These changes provide greater flexibility for borrowers and are part of our commitment to continually improve our products and services for all mortgage customers.
“Extending our let to buy mortgage offering is a key milestone in Aldermore’s development. It allows home owners that wish to move, but who do not want to sell their house or are unable to, to purchase another property.”
Aldermore has also changed its residential mortgage and standard buy-to-let mortgage range, including extending its family gifted deposit to cover additional family members (aunts and uncles) and foster parents or legal guardians.
