Rental coverage remains at 125% of the pay or revert rate, whichever is higher, and earned income will continue to be verified to confirm an applicant’s ability to withstand further interest rate changes and rental voids.
Loans will still be available up to 75%, to a maximum of £600,000.
The maximum age for borrowers has also been increased to 85 recently and Aldermore now accepts applications from first-time landlords.
Charles Haresnape, managing director of residential mortgages at Aldermore, said: “These changes make what is already a competitive product range even more appealing. Earlier this month we launched a summer special 2-year fixed rate of just 4.18%, which is available up to 75% LTV and we’re also offering further fixed, discounted and variable rate deals. The combination of attractive rates and accommodating criteria give brokers and their clients even greater choice.”
