You are here: cherry > Press releases for September 2010 > Aldermore’s new fixed rate buy to let mortgages fill market gap created by Lloyds

30 September 2010

Aldermore, the new British bank, is extending its buy to let range to help fill the gap created by Lloyds Banking Group, which recently announced that it has significantly reduced its exposure to the buy to let market. Aldermore is launching two new fixed rate deals, which will be available via brokers from Thursday 30th September: 5.69% two-year fix - available up to 75% loan to value, with a 2.25% completion fee 5.99% four-year fix - available up to 75% loan to value, with a completion fee of £1,495 Loans are available up to £600,000 for either the purchase or remortgaging of up to two buy to let properties per applicant, and a free legal facility is available on all remortgage business. The applicant must own at least one existing buy to let property and rental coverage should be at least 125% calculated using the higher of the pay rate or reversion rate. Colin Snowdon, Chief Executive of Aldermore’s residential mortgage lending business, said: “Lloyd’s recent announcement was a real disappointment for many brokers, but we’re doing our bit to help fill the market gap they have created. Not only is our new 5.69% fix extremely competitive, but we also expect our four-year fix to be popular with landlords seeking the certainty offered by longer-term rates. “These products complement our existing buy to let range, which includes two year discounts starting at 4.98%, a 5.78% three year fix and a 5.93% five year fix. Our buy to let products and free legal facility will particularly appeal to landlords who want to remortgage and we anticipate significant interest from intermediaries.” 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. Brokers should register on Adermore’s website www.aldermore-mortgages.co.uk where they can also download a product guide featuring all rates, fees and criteria. Further product information is also available by phoning 0333 321 1000 or by e-mailing mortgage.sales@aldermore.co.uk **ends**

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