The new mortgages comprise:
• 3.49% two-year fix - available up to 65% loan to value. After two years the rate reverts to Aldermore’s Managed Rate, which is currently 4.98%.
• 3.99% two-year fix - available up to 75% loan to value. After two years the rate reverts to Aldermore’s Managed Rate + 0.5%.
Loans are available up to £600,000 for either house purchase or remortgaging, for employed, self-employed and first-time buyers based throughout mainland England and Wales.
Both products have a completion fee of £1,999 and early repayment charges are 5% of the outstanding balance in year one and 4% in year two.
Colin Snowdon, chief executive of Aldermore’s residential mortgage lending business, said: “Two year fixes have always been popular and these are very competitive deals, particularly for borrowers applying for larger loans because of the fixed price completion fee.
“These deals are ideally suited to borrowers who want to remortgage and lock in to existing low rates, before they are hit by possible rate increases in 2011. All our remortgage deals come with free legals.”
Appointed representatives and directly authorised brokers can access these products, which are being marketed by Aldermore’s distribution partners: 3mc, BDS, Intrinsic, Legal & General, Mortgage Force, Mortgages for Business, Mortgage Intelligence, Mortgage Next, Pink, Personal Touch, Platinum, PMS and Sesame.
