Reintroduced products have rates up to 0.75% higher
After withdrawing all its residential owner-occupied and buy-to-let mortgages, Aldermore has announced that it is reintroducing the products with higher rates.
The lender’s buy-to-let mortgage proposition and residential owner-occupied Standard Level 1, Level 2, and high loan-to-value (LTV) products for new customers will be available from tomorrow, June 6.
BTL rates will see an increase between 0.50% and 0.70%, while rates of residential owner-occupied will go up from 0.50% to 0.75%.
Aldermore will also be repricing its product switch proposition for existing owner-occupied customers, increasing the rates between 0.50% and 0.75%, and for BTL customers, with rates going up from 0.49% to 0.65%.
The new rates of the soon-to-be relaunched products can be viewed in a news update posted on the lender’s website.
The bank pulled its mortgage products from the market on May 26 due to increasing swap rates. A number of other lenders did the same, but they, too, are expected to return to the mortgage market with repriced products.
“Withdrawing products was always a temporary measure, and we’re pleased to offer a competitive range, giving customers even more choice to support their goals,” Jon Cooper (pictured), head of mortgages at Aldermore, said.
“Both our borrowers and our savers are the driving focus of everything we do at Aldermore, and we’re passionate about finding ways to support all of our customers to go for it in life and in business.
“We’re thrilled to be back in the market with our buy-to-let and residential owner-occupied offerings.”
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